Curaçao announced new verification rules to strengthen oversight

The Curaçao Gaming Authority (CGA) has announced new Provisions for Identification and Verification without physical contact, alongside with the Central Bank of Curaçao and Sint Maarten (CBCS) and the Financial Intelligence Unit Curaçao (FIU). The rule will allow remote client verification to strengthen AML, Countering the Financing of Terrorism and Countering Proliferation Financing regime. Not for long Curaçao was dependent on a master sub-licence system, which offered easy market access but weak oversight and limited AML enforcement. This led international regulators to limit access for the Curaçao-licensed operators. As per the provisions, distance customers will be treated as if they were face-to-face clients since the regulations facilitate Curaçao’s compliance with EU AML requirements and FATF directives. This improves Curaçao’s reputation as a gaming center, as well as compliance with responsible gambling policies, player protection, and financial integrity. The new regulations came into force on August 21. Companies currently lacking distance onboarding systems are obliged to comply with the new regulations before realizing such systems, while those already using such systems are obliged to make them in full compliance with the regulations by May 1, 2027. Should business have distance systems in operation now, companies may utilize them without changing structure during the period of transition if they provide evidence of work towards compliance. Moreover, the CGA recommends that operators carefully analyze the regulations, improve internal processes and implement relevant changes into their systems. This new ruling is aimed to alter operations in iGaming sector.