The UKGC has initiated a series of new consultations as a part of its continuous efforts to guarantee robust regulation.
These consultations, spanning 13 weeks, will delve into topics such as monetary penalties and reporting of important financial events.
The Commission Executive Director of Operations, Kay Roberts mentioned:
These consultations form an integral component of our continuous devotion to establish the most efficiently controlled gambling sector in the world within the UK. We encourage all stakeholders to actively take part in and express their opinions on these consultations, as we are dedicated to considering all perspectives regarding the offered modifications.
If casinos break the rules, they might have to pay a fine. The suggestions in the talks aim to make it clearer and more open to how these fines are calculated when the rules are broken. One idea is to decide the initial part of the penalty based on how serious the rule-breaking is and the percentage of the money the casino made during that time.
Reporting of Significant Financial Events
The Commission has set rules that make license holders provide important information about who owns the business, its finances, and any interests involved. To adapt to the growing intricacy of mergers and acquisitions, as well as the expanding global nature of gaming, the regulatory body is suggesting several modifications to these rules.