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Alderney Gambling Control Commission to Require Segregated Funds, Monthly Reports

Written by:

Aaron Goldstein

Published on:

Jul/25/2012

Alderney Gambling Control Commission to Require Segregated Funds, Monthly Report

Following the Full Tilt Poker fallout from this past year, the Alderney Gambling Control Commission is looking to help repair its image by revising its licensing policy.

From PokerFuse.com:

All Category 1 licensees—which includes over 100 online poker, bingo and casino sites—will be required to keep customer funds in a separate bank account, the soul purpose of which is to maintain registered customers’ money. The new amendments will go into effect beginning in 2013.

Furthermore, the AGCC will require licensees to submit detailed monthly reports containing the total amount of customer funds.

Once among the most revered licensing jurisdictions for online betting firms, Alderney suffered a huge blow last summer when it was forced to pull the plug on Full Tilt Poker, the former second largest “real money” Web cardroom. Full Tilt Poker had not been maintaining a separate account for players and now owes millions of dollars to individuals around the globe. The US Government contends FTP executives were engaging in an elaborate ponzi scheme. CEO Ray Bitar was recently arrested upon returning to the US and faces life in prison.

- Aaron Goldstein, Gambling911.com

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