Insights Archive

September 23, 2021

Treasury Ransomware Action Puts Companies On Alert

The U.S. Department of the Treasury has taken its first action ever against a crypto-company for laundering cyber-ransom money. Meanwhile, its Office of Foreign Assets Control has updated an advisory note that pertains to ransomware.

September 23, 2021

U.S. Congress Urged To Regulate The What, Not The How, Of Open Banking

Members of the public have asked U.S. lawmakers not to over-regulate the sharing of financial data and leave it to the financial sector to develop technical standards for open banking.

September 23, 2021

UK Gambling Commission Apologises After Damning Football Index Report

The UK Gambling Commission has apologised after an independent report slammed the regulator for not acting quickly enough to scrutinise soccer trading platform Football Index before its collapse.

September 23, 2021

UK Betting Industry Welcomes New Minister

The UK betting industry has reacted warmly to the appointment of Chris Philp as the new minister overseeing the gambling sector.

September 23, 2021

Dutch Crackdown Demolishes 'Passive' Strategy For Gambling Licence

A Dutch minister’s announcement that a passive presence in the Netherlands will no longer be allowed after licensing launches on October 1 has thrown the plans of international operators into turmoil.

September 23, 2021

Industry Protests Karnataka Online Gaming Ban

Technology sector heavyweights have urged the Chief Minister of the Indian state of Karnataka state to exempt skill gaming from this week's sweeping new ban on online gaming with stakes.

September 23, 2021

Maryland Sports Betting Could Launch By 'Late Fall' 2021

Maryland’s top gaming regulator said his agency hopes to have the state’s first legal sports bets placed before the end of the year.

September 22, 2021

Irish Bill Aims To Make Financial Managers More Accountable

The Irish version of the UK's Senior Managers and Certification Regime (SM&CR) is on the stocks, with finance minister Paschal Donohoe having approved the drafting of the Central Bank (Individual Accountability Framework) Bill whose main purpose is to improve accountability in the financial sector.

September 22, 2021

ISO 20022 Is More Than A Compliance Issue, It Is An Opportunity

International messaging standard ISO 20022 is more than just a compliance issue. Its adoption could open the door to new opportunities which can help to streamline compliance, experts say.

September 22, 2021

Regulators Do Not Know How To Monitor Platformisation, Warns EBA

The platformisation of the financial services industry has become a problem for regulators to supervise, the EU’s banking watchdog has said, because they do not understand it.

September 22, 2021

Gambling Harm Report Offers Policymakers Huge Evidence Base

A voluminous academic report written to inform the UK’s national gambling strategy has noted the effectiveness of the whistle-to-whistle ad ban, but warned that social media is replacing TV as the most dangerous arena for underage gambling ads.

September 22, 2021

Brazil Gambling Expansion Back On The Agenda

A new special commission formed in Brazil’s Chamber of Deputies is the latest sign of momentum returning for long-stalled legislation to regulate casinos, bingo halls and online gambling in one of the world’s largest untapped markets.

September 22, 2021

DraftKings Targets Entain Takeover With $22.4bn Offer

Entain confirmed on Tuesday that DraftKings had approached the company with a $22.4bn proposal to acquire the group, but U.S. partner MGM Resorts quickly warned both companies that any deal requires its approval first.

September 22, 2021

Flutter Reaches $300m Settlement With Kentucky

Flutter Entertainment, parent of FanDuel and Sky Bet, said it has reached a $300m settlement with the state of Kentucky, ending an effort by the company to have the U.S. Supreme Court overturn a court order to pay $1.3bn over alleged losses incurred by Kentuckian PokerStars players before 2011.

September 21, 2021

UK Gives Red Light To Misleading Green Claims

The UK’s Competition and Markets Authority is warning "greenwashers" that they have until the end of the year to clean up their misleading environmental marketing. It has issued guidelines to help them obey the law.

September 21, 2021

The FCA’s ’More Robust’ Gateway

Following on from the publication of its Business Plan for 2021/22, the UK's Financial Conduct Authority (FCA) has said that it will “ensure firms start with high standards and maintain them”. This involves “a more robust gateway”, which makes it tougher for firms to become authorised than previously, with more intensive assessments and a closer scrutiny of financials and business models.

September 21, 2021

News In Brief - September 21, 2021

U.S. President Joe Biden has signed an executive order that imposes sanctions against Ethiopia.

September 21, 2021

Diversity And Inclusion To Rise Up Priority List For Compliance Officers

Recent consultative exercises that the UK’s Financial Conduct Authority and the European Central Bank have undertaken show that diversity and inclusion are becoming more of an issue for compliance officers at financial firms in Europe.

September 21, 2021

European Lotteries Says Ethical Brands Are The Future

The European State Lotteries and Toto Association’s members are helping one another achieve the group’s new Responsible Gaming Certification, which includes passing an independent audit of labour practices and climate change impact.

September 21, 2021

Unlicensed Operators Must Block Dutch Players From October, Says Minister

Operators that passively target the Dutch market without a licence after October 1 face enforcement action and possible licensing jeopardy, following new instructions from the country’s gambling minister.

September 21, 2021

U.S. M&A Activity Set To Continue As Sportsbooks Seek Tech, Online Casino Assets

The splurge of merger and acquisition activity in the U.S. sports betting and online gaming market is likely to continue into 2022, according to the chief executive of Bragg Gaming and former CEO of SBTech.