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Curacao, a globally recognised jurisdiction for gambling licensing, is set to embrace a series of modifications aimed at enhancing its regulatory landscape. These modifications, as reported by local media, are anticipated to bring about internationally acknowledged standards to the gambling sector.The new regulations, slated to be effective from September 1, were confirmed by Javier Silvania, Curacao’s Minister of Finance, during his participation at the iGaming NEXT Valletta 23 industry summit in Malta. The changes are part of the National Gambling Ordinance, a proposed gambling framework designed to revamp existing laws and enhance Curacao’s standing as a reliable jurisdiction for managing gambling company licenses.
Tighter Restrictions on Protection, Fraud and AML
The updated framework will concentrate on several key areas, including fraud prevention, player protection, and anti-money laundering measures. These changes are expected to enhance the integrity of the gambling industry in Curacao.To ensure a smooth transition, a new regulatory body, the Curacao Gaming Authority, will be established. This authority will be responsible for monitoring illegal operations, shutting them down, and taking preventive measures where possible.Silvania emphasises operators must comply with legislation that aligns with reputable jurisdictions and meets the minimum requirements of international laws and guidelines concerning money laundering.
Strengthen Relationships
The new regulations will also focus on strengthening Curacao’s relationships with other global jurisdictions, particularly governments and gambling regulators. To facilitate this, a new dedicated portal will be launched to streamline the license application process.Silvania expressed confidence that the changes would not pose significant challenges to operators, as long as they comply with the new licensure processes and expectations. He highlighted global cooperation as a key factor in Curacao’s success and expressed the jurisdiction’s commitment to continue on this path.The new regulations come in response to requests from the Australian Media and Communication Authority (ACMA) for Curacao to intervene in cases where websites licensed in the jurisdiction are targeting Australian customers without the necessary licenses.These changes mark a significant step in Curacao’s efforts to maintain a secure and reliable gambling industry.