Wednesday July 25,2012 : AGCC INSISTS ON FUND SEGREGATION IN AMENDMENT TO REGS
Commission revises licensee policies
The Alderney Gambling Control Commission has made amendments to Category 1 eGambling licensee regulations, amongst others, in a bid to rebuild its reputation following the Full Tilt debacle.
The Commission 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 and 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.
The full text of the regulation amendments can be read at :