Ontario have recently opened their first online gaming (iGaming) market on April 4, 2022. Operators have started requesting for online casinos Canada licenses such as Canadian online casinos found here so that they can be fully operating on launch day.
But how does this license compare to others issued by the UK Gambling Commission (UKGC), the Isle of Man Gambling Supervision Commission (IOM GSC), or the Malta Gaming Authority (MGA)? What do operators need to know in order to apply successfully?
iGaming Ontario, in collaboration with the Alcohol and Gaming Commission of Ontario (AGCO) and the Government of Ontario, is developing a regulated online gaming market in Ontario, Canada, to promote responsible gambling.
iGaming Ontario aspires to provide the finest online experience in the safest environment for players in Ontario, guided by four major objectives: consumer choice, consumer protection, legal market growth and provincial returns, and decreased red tape.
Operators will be required to conduct know your customer (KYC) identification verification and follow to anti-money laundering (AML) standards at the point of registration, i.e., when a player creates a new account, just as they would with an MGA or UKGC license.
Know your target market
Operators with an Ontario license can use the following methods of identity verification:
This player verification must come from a Canadian credit bureau that has been in operation for at least three years and includes data from many sources. To pass, the name, address, and date of birth must all match. The person's name, credit file number, bureau or third-party vendor name, and credit file search date must all be recorded and kept.
All data obtained during the operator's KYC verification must come from two independent sources. Name and address, name and date of birth, or name and financial account confirmation must all be matched.
Verification of Documents
This document must be current and authenticated by the government. Name, document type, document number, province/state and country of issue, expiry date, and date of verification must all match what was supplied while registering.
Money Laundering Prevention
Operators will be required to execute traditional PEP, sanction, and adverse media checks in order to assist AML compliance, as well as monthly continuous monitoring for any changes in the player's circumstances.
All player information must be maintained up to date, and the player must be reminded to check and update their information once a year. Every operator will have an onboarding process that is tailored to their risk profile and license.
In recent years, the gaming sector has seen tremendous growth. To protect end users, they require a comprehensive licensing mechanism (or players). You may rest confident that the government is looking out for your best interests, whether you are a novice or a seasoned player. It's hardly surprising, given the changes in many industries across the country. Because laws are subject to change, keep your ears to the ground for regular information on gaming laws.