Regulatory Compliance Software Crucial in Trinidad and Tobago’s Gaming Industry
The gambling industry in Trinidad and Tobago has been a lucrative one, with an estimated worth of $16 billion. However, the lack of regulatory compliance software has raised concerns about the fairness and transparency of the industry.
The Need for Regulation
Stephan Tang Nian, chairman of the Gambling Control Commission, is advocating for the full proclamation of the Gambling (Gaming and Betting) Control Act to ensure that the industry is regulated and protected from bad actors. He notes that the current legislation governing the industry was drafted in the 1960s and is outdated.
Key Issues
- Gambling Addiction: Tang Nian believes that education drives and self-exclusion programs will help address this issue.
- Licensing: The commission plans to issue various licenses under separate categories, including gaming operator’s license, betting operator’s license, and bookmakers’ and promoters’ licenses.
- Monitoring: The commission will monitor tables and slot machines by requesting tapes from establishments and reviewing them.
Collaboration and Verification
Tang Nian emphasizes the importance of collaboration between the industry and the commission. He notes that the goal is not to close down any establishment but to level the playing field for those who are doing the right thing.
Key Features of Regulatory Compliance Software
- Verification: The commission will verify information provided by gambling establishments.
- Issuing Licenses: The commission will issue licenses and conduct regular checks to ensure compliance with license terms and conditions.
- Regular Checks: The commission will perform regular checks on all establishments to ensure compliance.
Conclusion
The full proclamation of the act would give the commission the necessary powers to effectively regulate the industry and protect its stakeholders. It remains to be seen if this will happen soon.
Importance of Regulatory Compliance Software
Trust must be accompanied by verification, as emphasized by Tang Nian. The commission will take what is reported but also verify it. With the full proclamation of the act, the commission can detect and stamp out money-laundering regimes, ensuring a fair and transparent industry for all stakeholders.