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The Kahnawá:ke Gaming Commission (KGC) and the Antigua and Barbuda Financial Services Regulatory Commission (FSRC), two of the most senior regulating agencies in the online gaming world, have signed a Memorandum of Understanding that allows for the sharing of investigative findings and material regarding existing and prospective licensees.
The objective of the MOU is to enhance effective regulation within the two jurisdictions through an efficient and reasonable channel for the exchange of information.
The KGC and FSRC both acknowledge the need and desirability of providing mutual assistance that will assist in securing compliance, administration and enforcement of their respective laws, regulations, requirements and overall policy relating to gaming and interactive wagering within their jurisdictions.
Each request for the sharing of information will be assessed on a case by case basis to determine whether assistance is appropriate and permissible by the laws of each jurisdiction.
“Given the global nature of the online industry, it is important that regulating authorities develop ways in which they can coordinate their activities. We believe that this MOU will assist the regulators in both Kahnawá:ke and Antigua and Barbuda in the performance of their duties and we hope that other jurisdictions will follow suit”, said Alan Goodleaf, KGC Chairperson.
“The signing of the Memorandum of Understanding (MOU) between both Commissions is a concerted effort to effectively regulate the respective jurisdictions and to form an administrative relationship. I believe that this initiative is a key component in finally having a clear nexus between jurisdictions, bridging the relationshipgap betweengaming authorities, the advent of creating international standards for regulators and we stand to benefit from resources that we may otherwise not be able to obtain from our own means”, stated Mr. Lebrecht Hesse, Chairman of FSRC, Antigua & Barbuda.
About the Kahnawá:ke Gaming Commission:
Kahnawá:ke is sovereign Mohawk Territory located 20 minutes from Montreal, Quebec, Canada. The Kahnawá:ke Gaming Commission was established and empowered in 1996 under the Kahnawá:ke Gaming Law. The Commission’s Regulations concerning Interactive Gaming were promulgated in July 1999 and are generally accepted as a model for regulating the global online gaming industry. The Commission presently regulates and monitors approximately 300 online gaming sites. For more information, go to www.kahnawake.com/gamingcommision
About the Antigua and Barbuda Financial Services Regulatory Commission:
The Division of Gaming is the regulatory body under the Financial Services Regulatory Commission (FSRC) responsible for the oversight of all aspects of the Offshore Gaming industry in the jurisdiction of Antigua and Barbuda. Antigua and Barbuda was one of the first jurisdictions to license interactive gaming and wagering companies in 1994. The internet gaming companies are classified as “Financial Institutions” and are subject to all the Anti-Money Laundering (AML) / Combating the Financing of Terrorism requirements of the jurisdiction and Caribbean Financial Action Task Force (CFATF) requirements. The regulatory framework for these companies has been provided in the International Business Corporations (IBC) Act and the Interactive Gaming and Interactive Wagering Regulations (IGIWR). Today, FSRC, Division of Gaming continues to be home to a significant portion of the industry and some of the largest i-gaming companies due to our pursuit of being a tier one regulatory jurisdiction.
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