Cambodia changes tax rules for commercial gambling businesses

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OCNJ Daily

KYC at US Gambling Sites: Overview

As online gambling across the US increases, it has been essential to make the industry safer than ever. KYC stands for know your customer. It is a way that online gambling websites keep track of their clients and protect them. This regulation safeguards players and upholds integrity in the industry. The KYC process helps protect against money…

Law ・ 13 February 2024

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Significant Guide to Gaming Laws Online for You to Follow

In the last 12 months, two of the biggest online gambling companies in Britain, Entertain and William Hill, were handed record fines by the UK Gambling Commission. Both companies were found to have failed in their responsibility to protect vulnerable customers and prevent money laundering. These fines serve as a stark reminder of the importance of…

Law ・ 06 June 2023

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UK's William Hill given record $24 million fine for gambling failures

Fine is largest in UK gambling Regulator considered suspending licence 888 owns William Hill LONDON, March 28 (Reuters) - Britain's Gambling Commission has handed a 19.2 million pound ($23.7 million) fine to the William Hill betting group, the biggest penalty ever issued by the regulator, after it failed to protect consumers and stop money…

Industry ・ 29 March 2023

Casino Guru

Cambodia implements legal changes for casinos

Cambodia is determined to break away from the ways of old once and for all, especially when this concerns its casino industry. In a new report by The Khmer Times, the media details a new revenue-based tax model that came into effect on December 30, 2022 that will now help the country better regulate its gambling industry and casinos. According to…

Industry ・ 12 January 2023

Wild Casino

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World Casino News

Cambodia executes fresh revenue-based tax model for casinos

From December 30, 2022, Cambodia's Ministry of Economy and Finance (MEF) began applying the latest revenue-based rules for taxes and procedures for commercial gambling business, aka casinos, to the self-proclaimed regime, after decades of applying a "lump sum" method of taxation, according to a senior official of the ministry. Decision on the…

Finance ・ 11 January 2023

AGB - Asia Gaming Brief

Cambodia cranks up illegal gambling crackdown

Cambodian police have cracked down more than 10000 illegal gambling sites and arrested over 200 people over the past month, the National Police confirmed. Speaking at a press conference on "The achievements of the Ministry of Interior over the past five years," National Police spokesman Lieutenant General Chhay Kim Khoeun said, quoted by the Khmer…

Law ・ 17 October 2022

European Gaming

BGaming creates exclusive slots and games for Winz.io crypto casino

Traditional online casinos continue to refuse to accept cryptocurrency assets as payment options for their accounts, claiming that they are inherently unstable. There is some truth to these words because we can see for ourselves how the overall market is falling as a result of the Terra ecosystem hacks. But you have to give cryptocurrencies credit…

Crypto ・ 23 September 2022

The Diplomat

Should Cambodia Ban Casinos?

To quickly answer the question posed in my headline: not yet. But the Cambodian government needs to at least put this possibility on the table, to set a fire under the feet of the casino owners. A statement must be made by Phnom Penh that casinos have less than 12 months to turn the current dire situation around. If they fail, then regular gambling…

Covid ・ 30 August 2022

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Cambodia seeks to boost tourism with 70 casino license renewals

Days after more than 40 people made an intrepid crossing from Cambodia and swam through the Mekong River back to Vietnam, the country is attempting to give a boost to its gaming sector and casino industry. The Khmer Times cited information by the General Secretariat of the Commercial Gambling Management Commission of Cambodia which confirmed that…

Travel ・ 25 August 2022

Asgam

Cambodia renews 47 casino licenses in bid to boost sector

Cambodia's Ministry of Economy and Finance (MEF) says it has renewed 47 casino licenses and another seven games of chance licenses as it looks to help the gaming sector rebuild from the effects of the COVID-19 pandemic. The update, provided by the Ministry's General Secretariat of Commercial Gambling Management Commission of Cambodia (CGMC) on…

Covid ・ 23 August 2022

Yogonet

Cambodian government renews 70 licenses for casinos and gambling-oriented companies

The General Secretariat of Commercial Gambling Management Commission of Cambodia (CGMC) of the Ministry of Economy and Finance (MEF) has announced the renewal of 70 licenses to casino and game of chance companies in the second quarter of this year. The General Secretariat granted licenses to 47 casinos and seven games of chance companies on Friday,…

Covid ・ 22 August 2022

The Guardian

Gambling giant Entain could lose UK licence after record £17m fine

Entain, the gambling firm behind Ladbrokes and Coral, could lose its licence to operate in the UK after it was told to pay a record £17m settlement over its inaction as individual customers spent hundreds of thousands of pounds. The Gambling Commission highlighted multiple failings in Entain's online and high street business, all of which occurred…

Gaming Authorities ・ 17 August 2022

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Gambling Industry News

UK Gambling Commission Hits Entain With Record Fine For Serious Failings

Gambling company Entain has been fined £17 million (€20.2 million) by the UK Gambling Commission after an investigation uncovered social responsibility and anti-money laundering failures at its online and land-based businesses. Online customer living in social housing deposited £186k without any source of funds checks The Commission's announcement…

Gaming Authorities ・ 17 August 2022

Mirror

Gambling giant that owns Ladbrokes, Coral and Foxy Bingo hit with huge £17million fine

Entain has been told to pay £17million for social responsibility and anti-money laundering failures after online customers were allowed to deposit large amounts without proper source of funds checks Entain is to pay £17million for social responsibility and anti-money laundering failures Gambling giant Entain is to pay £17 million for social…

Law ・ 29 December 2022

Gambling Industry News

UK Gambling Commission Fines Smarkets For AML and Social Responsibility Failings

The UK Gambling Commission has fined online gambling operator Smarkets £630000 (€743243) following an investigation that uncovered anti-money laundering (AML) and social responsibility failures. According to the Gambling Commission's statement, Smarkets allowed customers to gamble without providing sufficient proof relating to source of funds. The…

Gaming Authorities ・ 12 August 2022

Casino City Times

Smarkets handed six-figure fine by UK Gambling Commission

Gaming News 12 August 2022 (PRESS RELEASE) -- An online gambling operator will pay a financial penalty of £630000 after an investigation by the Gambling Commission revealed a series of anti-money laundering and social responsibility failings. Smarkets (Malta) Limited will pay the six-figure sum for the failings, which saw customers being allowed to…

Gaming Authorities ・ 13 August 2022

Gambling Commission

Smarkets handed six-figure fine by Gambling Commission

An online gambling operator will pay a financial penalty of £630000 after an investigation by the Gambling Commission revealed a series of anti-money laundering and social responsibility failings. Smarkets (Malta) Limited will pay the six-figure sum for the failings, which saw customers being allowed to gamble without adequate source of funds…

Gaming Authorities ・ 15 August 2022

Vegas Slots Online

Two UK Gambling Operators Fined a Combined £675,000

Two UK gambling companies have been hit with fines totalling £675000 ($841908) from the UK Gambling Commission (UKGC). The UK's gambling regulator announced these penalties on Tuesday against Jumpman Gaming Limited and Progress Play Limited. Most of the issues relate to anti-money laundering and responsible gambling deficiencies. Specifically,…

Industry ・ 17 May 2022

London On The Inside

WHY ONLINE CASINOS ARE TAKING KYC AND AML SERIOUSLY, NOW MORE THAN EVER

Experts predict that the global online gambling industry will become worth $94.4 billion in the next two years. Online casinos process transactions worth millions of dollars, making them just as important as banks or financial institutions. Online casinos need to comply with stricter regulations and implement serious measures to prevent…

Covid ・ 19 April 2022

Yogonet

Crypto gambling and KYC: How not to jeopardize your gaming license

The expert on the igaming industry says that KYC applies to crypto payments, and underlines the need for operators to identify the player and where they are located. In his column, he explains how cryptocurrency payments and online gambling are compatible, and the importance of being compliant. Over the last few years, cryptocurrency has continued…

Crypto ・ 28 December 2021

Devdiscourse

Online gambling industry aided by Chinese illicit capital network thrives in Cambodia, causing law and order problem

Online gambling industry aided by illicit Chinese capital network thrives in Cambodia creating law and order problem. Gangs have escaped or been rescued from what are in effect scam sweatshops. The gangs that run them enslave people who are lured from China, and increasingly other countries, with promises of high-paying jobs. Upon arrival, they are…

Industry ・ 20 December 2021

Asgam

US companies warned against investing in Cambodia’s casino and financial sectors on trafficking, money laundering concerns

The US Department of State, US Department of the Treasury and US Department of Commerce have issued a joint advisory cautioning American companies either operating in or considering operating in Cambodia against interactions with certain entities and sectors of concern, including the casino industry. The advisory highlights Illicit finance…

Incidents ・ 11 November 2021

GGRAsia

Cambodia casino biz with high risk of illicit activity: U.S. govt

Proliferation of casino licences in Cambodia has increased the risk of money-laundering and other financial crimes in that country, says an advisory report from the U.S. Department of State, U.S. Department of the Treasury, and U.S. Department of Commerce. "The UN Office on Drugs and Crime noted that between 2014 and 2019, casino licences in…

Covid ・ 12 November 2021