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The Gambling Supervision Commission has the power to issue licence conditions that operators must, without question, comply with.
These can be specific to a particular operator, depending on the circumstances. However, the following are excerpts from the standard licence conditions for all Isle of Man licence holders and all operators must:
- Ensure that the games, gambling software and financial software offered are demonstrably secure, reliable and capable of being audited;
- Allow all activities permitted by its licence, and any associated transactions, to be the subject of random audit by or on behalf of the Commission;
- Maintain accounting systems approved by the Commission and conform with such internal and external accounting practices as the Commission may require. Not later than six months after the end of every accounting year, the operator has to deliver to the Commission a copy of its accounts in the form required by the Companies Act 1982, or as de????fined by the United Kingdom GAAP, and certifi????ed by a qualifi????ed auditor;
A copy of the audit report must be submitted to the Commission by the license holder on an annual basis, on the anniversary of the initial audit submission.
The aim of assessing compliance against these standards is to ensure that operators have appropriate controls in place so that players are not exposed to unnecessary risks when choosing to participate in online gambling. The Commission requires reassurance that the information requirements are designed to ensure important information and systems (e.g. personal information and customer balances; gaming transaction records and systems that decide the result of gaming) are adequately secure from attacks, tampering or information theft – either from internal or external sources.
Talk to us today
If you need to talk to someone to discuss regulatory business review and processes as a gaming operator, then take the first step and email [email protected] or call us on 01624 639350 to arrange your free initial consultation with us today over the telephone or video.
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