The Landsverordening op de kansspelen (LOK) has officially transformed Curacao’s gaming framework, aligning it with European standards, notably Malta. Here’s a quick breakdown of the game-changing updates:
Centralised Oversight
The new Curacao Gaming Authority (CGA) replaces the old Master Licensor system, becoming the sole entity to issue gaming licenses.
Regulating B2B (Critical Supply) Providers
For the first time, platforms and software providers fall under regulation, ensuring better oversight of critical supply chains.
Key Employees & Compliance
- Compliance Officers (fit and proper) are mandatory, initially allowed to service up to 10 companies.
- Within two years, entities must employ two resident key employees, increasing to four over time.
Local Operations & Servers
No more letterbox entities. Operators must maintain fixed offices and use local servers, solidifying Curacao as a true operational base.
Stricter Reporting
- Identity verification for transactions above EUR 2,500 is now compulsory.
- Licensees must submit detailed real-time reports on payments, account changes, and incidents.
- CGA may use a central monitoring database to ensure transparency and compliance.
Enforcement Powers
The CGA wields robust supervisory authority, including inspecting records, demanding data, and cooperating with international regulators. License suspension or revocation can result from breaches abroad, further tightening compliance.
What’s Next?
The industry is watching closely as the CGA prepares to enforce new AML regulations by April 2025. Challenges remain, including resource limitations on the island, but the LOK is a promising step toward a modern, transparent gaming sector.
Need Guidance?
We’re here to support operators and providers through this evolving landscape. Let’s navigate these exciting changes together.
