How to Ensure Compliance for Your iGaming Company

It’s safe to say that no other issue in the iGaming industry is as urgent right now as compliance; ensuring that your company holds the required compliance records is vital when attempting to secure licenses from or rights in new jurisdictions. A good compliance program not only acts as an insurance policy for an organisation’s future, but can also prevent the company from losing its gaming license in the case of any disciplinary actions. As keen providers of top betting software in Malta, Betstudios shares a few features of what makes a good compliance program.

What Attributes Should a Strong Compliance Program Feature?

Transparency

A compliance program should be written in a clear, comprehensible format, beginning with a general overview of the corporate policy and going on to address any strengths and weaknesses of the company’s infrastructure.

Updates

Compliance obligations for online operators are constantly evolving, meaning that the program should include any updates that meet new or emerging regulatory requirements, as well as any regulatory challenges, problems or changing environments.

Due Diligence Procedures

These include safeguards such as screening of vendors, suppliers, distributors, lessees and the like, along with background checks on employees. Material financings (such as equity or debt), transactions (joint ventures, partnerships, major acquisitions) and any material litigation against the company or the employees should also be screened. These procedures protect the company’s reputation by ensuring that it does not liase or associate itself with unsuitable persons and entities.

A Code of Conduct

An organisation’s code of conduct should detail its values on social and ethical issues, such as securities issues (false disclosure, insider trading) and anti-trust issues (price fixing). Other issues usually involve conflicts of interests, advertising and marketing policies and campaign contributions.

An Internal Reporting System

A typical component of any gaming compliance and reporting program, this system is designed to detect any criminal conduct by its employees or other agents. Self-reporting is key to building a culture of compliance within any gaming business; it requires the licensee to report any violations of its compliance plan to the gaming authorities.

Dedicated Personnel

In order to ensure that the compliance program runs smoothly, the company must create an efficient and fully-trained compliance team, the head of which would be the compliance officer. This committee would be in charge of keeping up-to-date with regulation changes and their deadlines, external governance frameworks that are in place, collating and compiling materials for license applications and various other tasks responsible for ensuring that the organisation remains compliant.

If You’re Looking to Up Your Game in the Gaming Industry, Our Betting Software Can Take Your Company to the Next Level!

The team at Betstudios has created betting software that’s fast, flexible and secure, built in a way that reflects the continuous changes of the current markets out there. For more information about our Sportsbook and our Gaming Platform, contact us today!