The Alderney Gambling Control Commission has been examining the Full Tilt Poker debacle and deciding where it could make changes in its e-gambling licensing rules in order to see that something like this case never happens again. This week, the AGCC announced that it was introducing amendments to existing rules which would essentially see all e-gambling operators maintain a separate bank account for the sole purpose of keeping players’ funds away from the day to day operations of the site.
“A Category 1 e-gambling licensee or an associate of a Category 1 e-gambling licensee who holds funds standing to the credit of a registered customer… shall at all times hold such funds in a bank account which (a) exists solely for the purpose of holding, and holds only, funds standing to the credit of the licensee’s registered customers and (b) is separate from any other bank account which does not satify the requirements of paragraph (a)”.
The Alderney Gambling Control Commission, however, has opted to offer the opportunity for some groups to apply for an exception to this amended rule, by stating as follow: “The Commission may, at its discretion, waive this requirement… (1) where a person has provided a written guarantee, in such terms approved by the Commission to (a) remit all the funds standing to the credit of … licensees registered customers in event that the … licensee is unable to do so, (b) maintain at all times such deposits and reserves as are necessary in order to satisfy the undertaking set out in paragraph (a) and (c) demonstrate at all time, at the request of the Commission, that it maintains adequate deposits and reserves in order to satisfy the undertaking set out in sub paragraph (b).”
Alderney’s part in the failure to protect Full Tilt Poker players’ funds from being tied up until today in the online poker room has been duly noted, and the Commission is desperate to ensure that its reputation as top gambling jurisdiction is maintained.
http://www.compatiblepoker.com/poker-rumors/alderney-learns-lesson-from-full-tilt-poker-debacle/6280
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