AGCC demand fund segregation
The Alderney Gambling Control Commission (AGCC) has made amendments to Category 1 eGambling licensee regulations, amongst others, in a bid to rebuild the commissions reputation following the Full Tilt disaster.
The AGCC now expects licensees to hold registered customers’ credits in an exclusively assigned bank account utilized solely for that purpose. Licensee’s will be expected to deliver proof to the Commission both on demand & via a monthly report. However, a further amendment notes that exceptions may be made, at the discretion of the Commission, where “a person has provided a written guarantee”.
Other amendments to the regulations that affect licensees include:
– An AGCC approved customer notification mechanism in the case of insolvency,
– An approved internal control system detailing each bank account holding funds standing to the credit of its registered customers.