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AGCC: Imposition of separation of accounts to avoid the Full Tilt episode
The case Full Tilt Poker almost tarnish forever the image of online poker market. As a reminder, this gambling site was in deficit and wasn't even able to repay players' money. To avoid the repetition of this sad event, the AGCC or Alderney Gambling Commission control made some changes in the Alderney eGambling Regulations 2009. The Article 230A, which states that legal operators operating in the island should separate the account where the funds deposited by the affiliates will be and the account for the functioning of the company, is one of the most important changes. Gambling sites regulated by the French Regulatory Authority of Online games (ARJEL) are not affected by this regulation. If operators provide compelling evidence indicating that the company is able to pay players at all at any time, they can also prevent the applying of this procedure. However, they will make a regular report to support this ability. In addition, operators must also submit a written personal guarantee.
Besides this regulation relating to accounts, the AGCC also requires operators to establish a monthly report on the financial position of each approved online gambling website. They can have access to a copy of this report where information on various bank accounts of gambling sites, online poker or other online gaming and a balance sheet must be available. Note that this report is to file before the 20th of each month. The AGCC will be control it regularly. Changes will be effective from December 31.
Source: James WILLIAMS
Tuesday, 31 July 2012
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