Control F5 gets ready for Curaçao license standard changes

Control F5, a complete hub of services for the operations of gaming and sports betting sites, in view of the changes that will take effect from September in Curaçao, one of the most sought after jurisdictions for obtaining licenses by bookmakers, is already adapting to all the changes to come.

The island will handle the licenses as the National Gambling Regulation (LOK) nears implementation. The LOK, meanwhile, is the planned legislation that will overhaul Brazil's licensing system for foreign operators. The government's aim is to phase out this system and that licenses must conform to international standards.

Although the bill has not yet been presented to parliament, regulatory bodies will issue new licenses with enhanced obligations from September 1st.

Control F5, which offers consultancy and assistance to operators interested in entering the Brazilian market, analyzes the changes and informs that it is already prepared for the new moment that will be implemented soon.

Will it be possible to continue operations?

To ensure continuity of operations, the regulatory body will extend all master licenses for another year. Furthermore, there will be no interruption or suspension of the activities of current licensees due to any action taken by the Ministry.

However, when the LOK goes into effect, all sub-licensees will have 90 days to apply for a new license, regardless of the time remaining for the master license. During the subsequent application process, the previous regulations will apply for up to nine months after the implementation of the LOK.

After September 1st, the island's gambling regulatory authority, the Curaçao Gaming Control Board (GCB), will begin issuing licenses directly to operators. These licenses will automatically convert to licenses granted under the LOK.

3 important new features about the Curaçao license

The minister declared that Curaçao licenses will have 3 important characteristics, such as:

• Licenses will be issued in accordance with current legislation, not the LOK;
   
• Licenses will be awarded directly to operators. The approval will only grant the holder the right to operate games of chance, not to provide sublicenses;
   
• The new license will include clauses covering obligations to combat money laundering and responsible gaming.

After September 1st, existing master license holders will still be able to grant sub-licenses in accordance with applicable law. It will be the responsibility of the licensees themselves to decide whether the sub-license application processes with ongoing or paused master license holders will be maintained.

How will the process of requesting new licenses work?

After the changes, the new license application process will include 3 forms for operators to complete:

• Online Gaming Application: Candidate will be required to provide an analysis of business operations including marketing, distribution strategies and growth goals;
   
• Personal Declaration: the personal declaration requires the identification of the main people involved in the business. Any participant with 10% or more control over the company must provide information about the source of wealth, source of funds and verifiable identity;
   
• Corporate Disclosures: As licenses are only granted to companies in Curacao, operators will need to provide details to the GCB.

Once the applicant has met the GCB's requirements regarding forms and submission of documentation, the license will be issued. Within 6 months of this license, they will need to submit audited policies and procedures for review.

Control F5 legal advice

The process of obtaining international gaming licenses is often complicated, but Control F5 helps those interested to obtain it in a practical and safe way.

Control F5 has a solutions hub developed to operate gaming in Brazil. Among the services offered, legal support stands out, which is extremely fundamental to operate in the gaming market.

The company works in a professional and legal manner, always operating correctly within the Brazilian market. Control F5 facilitates the process of obtaining a gaming license for Curacao, Malta and beyond.

Source: GMB