Many of the offshore operators that have obtained continuation licences on 1 November will need to comply with a number of key reporting requirements and conditions.
Bahar Alaeddini of Harris Hagan provides a learn more here of what they will need to provide under the UK regime.
There is a plethora of regulations UK operators need to comply with, including offshore operators with continuation licences granted on 1 November 2014, under the new point-of-consumption licensing regime.
Any non-compliance puts a licence at risk, gambling commission pml form the Gambling Commission UKGC has statutory powers to take action, including issuing a warning, attaching an additional condition, removing or amending a condition, suspending a licence at the outset, or following a review, revoking a licence or imposing a financial penalty.
For less serious cases of non-compliance, the UKGC generally provides operators the chance to rectify before resorting to these actions.
The purpose of this article is to provide a snapshot of the key reporting requirements of being licensed in the UK, as set out in the Gambling commission pml form Act 2005 and Licence Conditions and Codes of Practice LCCP.
Fees vary widely according to the type of variation, for example, adding a licensed activity costs 25% of the standard licence fee, increasing a fee category costs 20% of the standard licence fee and changing details on the licence, such as adding a trading name, costs ?25.
It is worth remembering that under the Licensing Gambling and Advertising Act 2014, limitations are placed on continuation licences.
Operators holding continuation licences cannot add, amend or remove a licensable activity, nor can they add, amend or remove a condition attached to a continuation gambling commission pml form for example, to increase a fee category ; however, key equipment can be added, removed and relocated.
Section 102 of the Act requires operators to submit an application to the UKGC when there is a new controller of a company within five weeks of the change occurring, for example, closing of the transaction, for the licence to continue to have effect.
If required, pre-approval of the transaction may also be sought under section 103 of the Act, for example, if a purchaser wants to know if they will be approved by the UKGC.
The UKGC will seek to revoke a licence if the application has not been made within five weeks.
The application fee is either ?100, 25% of the standard licence application fee or 75% of the standard licence application fee, depending on the type of change of control and whether the incoming controller is already known to the UKGC.
If the change affects two or more licences within the group further discounts may apply.
Key learn more here A key event, as defined in 15.
They can be reported via email or the eServices system, which operators gambling commission pml form register for with their full licence number.
Regulatory returns Regulatory returns are a key see more of the UK regulatory framework and it is a requirement of licence condition 15.
The information provided is used by the UKGC to understand developments within the check this out, monitor compliance and publish industry statistics.
All remote casino, betting and bingo activities are reported using a single quarterly check this out and remote gambling software is an annual return.
Earlier this year revisions were published to the regulatory return forms and process.
The revised regulatory returns came into effect on 1 October 2014 and all regulatory returns can now only be submitted via the eServices system.
A regulatory return requires operators to set out information on workforce, operations, finances, products, jurisdictions, trading names and customer demographics.
Customer funds reporting In the recent LCCP changes, the UKGC confirmed it would introduce customer funds reporting so that operators were regularly reporting on the levels of customer liabilities and funds held in their customer account s.
The latest indication is that this will be introduced during 2015, and at the earliest from 1 January 2015; however, this has not been confirmed and the UKGC is considering whether it would be more appropriate to align the timetable to the start of the financial year.
The UKGC has confirmed that report will be based on weekly reconciliation and will require operators to set out the amount of customer funds held in each of the relevant bank or investment accounts, the location of those funds, the total funds held and the total customer liabilities at that time, the type of reconciliation, distinguish between funds relating to the UKGC licence and other customers funds, and be verified by a PML holder.
Conclusion There is no hiding the fact that holding a UK licence comes with strings attached.
Operators should familiarise themselves with the LCCP and the various reporting mechanisms in place.
The UKGC will expect all operators, without exception, to be open and transparent with them.
For a casino operator, the individual appointed as nominated officer for anti-money laundering and. The nominated officer is not required to hold a PML, but we consider it good practice to do so.. Personal licence application to vary form.
I think, that you are not right. I am assured. Let's discuss it. Write to me in PM, we will talk.
I confirm. All above told the truth. We can communicate on this theme. Here or in PM.
Absolutely with you it agree. In it something is also idea good, I support.
The excellent message))
What talented idea
You are mistaken. I can defend the position. Write to me in PM.
Unfortunately, I can help nothing, but it is assured, that you will find the correct decision. Do not despair.
I think, that you are mistaken. Let's discuss it.
Yes, really. So happens. We can communicate on this theme.
It not a joke!
It was and with me. Let's discuss this question.
Do not despond! More cheerfully!
In my opinion you are mistaken. Let's discuss. Write to me in PM.
You are mistaken. I can prove it. Write to me in PM, we will talk.
You are not right. I am assured. I can prove it. Write to me in PM, we will communicate.
I think, that you are not right. Write to me in PM, we will communicate.
I am sorry, that has interfered... This situation is familiar To me. I invite to discussion.
It is rather valuable answer
I consider, that you are mistaken. Let's discuss. Write to me in PM.
Absolutely with you it agree. In it something is also to me this idea is pleasant, I completely with you agree.