Cura?ao GCB issues crucial guidelines ahead of March 31 deadline

Shirley Pulis Xerxen March 21, 2024

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Cura?ao GCB issues crucial guidelines ahead of March 31 deadline

In the ongoing efforts to reshape the gaming landscape in Cura?ao, the Cura?ao Gaming Control Board (GCB) has announced stringent guidelines for operators ahead of a pivotal deadline on March 31. This deadline signifies a critical juncture for operators as the window for registering sub-licenses on the GCB’s portal closes and applications for direct licenses under the current legislation, the National Ordinance on Offshore Games of Hazard (NOOGH), will no longer be entertained.

Submission includes 3 different forms

Operators looking to maintain their presence in Cura?ao’s gaming market must finalise their registration by the deadline. The comprehensive guidelines, encapsulated in a detailed nine-page document, aim to provide operators with clear directives and requirements. A key provision mandates operators to ensure the accuracy and completeness of their license application submissions.

The guidelines stipulate the submission of three essential forms: the online gaming application form, the personal history disclosure form, and the corporate and business information form. Additionally, operators must strictly adhere to the specific conditions and policies outlined by the GCB, particularly concerning anti-money laundering (AML) and know-your-customer (KYC) procedures. Non-compliance with these regulatory mandates could result in serious legal repercussions for operators.

Misinformation surrounding the legislation

These guidelines emerge amidst a concerted effort to dispel misinformation surrounding the transition to the new regulatory framework. Javier Silvania, Cura?ao’s Minister of Finance, has repeatedly emphasised the critical role of accurate information dissemination from credible sources in this transition.

The implementation of the new regulatory framework kicked off in September 2023 with the initiation of the application process via the GCB’s online portal. Ongoing endeavours aim to underscore the benefits of the updated regulatory regime, which includes provisions addressing concerns related to AML and KYC procedures.

Primarily focusing on registrations under the NOOGH, the guidelines diverge from the impending National Ordinance for Games of Chance (LOK), currently advancing through Cura?ao’s legislative channels. Upon the enactment of the LOK, the Cura?ao Gaming Authority (CGA) will take on the role of the jurisdiction’s regulator, overseeing the issuance of all licenses within its purview.

Speaking at the recent SiGMA Africa summit, Minister Silvania detailed how Cura?ao has spent the past three years revising its gaming laws, which are now in the final stages of legislative approval. Silvania emphasised the importance of strong laws that create fair markets, ensure accountability, and protect the vulnerable.