Casino Regulatory Frameworks
Expert-defined terms from the Professional Certificate in Fraud Prevention Strategies for Online Casinos course at London School of Business and Administration. Free to read, free to share, paired with a professional course.
AML stands for Anti #
Money Laundering, which refers to the set of regulations, laws, and procedures designed to prevent and detect the laundering of money, typically obtained through illegal means, in online casinos. Related terms include Know Your Customer (KYC) and Combating the Financing of Terrorism (CFT). AML regulations require online casinos to implement stringent verification processes for customers, monitor transactions, and report suspicious activities to the relevant authorities.
Audit refers to a thorough examination and evaluation of an online casino's oper… #
The purpose of an audit is to ensure that the online casino is operating in a fair and transparent manner, and to identify any potential vulnerabilities or areas for improvement. Related terms include auditing standards, audit committee, and internal audit.
Betting refers to the act of placing a wager on the outcome of a game or… #
Betting can take many forms, including sports betting, casino games, and poker. Online casinos must comply with strict regulations regarding betting, including age verification, responsible gambling, and anti-money laundering.
Certificate of Good Standing refers to a document issued by a regulatory authori… #
The certificate is typically required for online casinos to obtain a license to operate in a particular jurisdiction. Related terms include license, permit, and certification.
Compliance refers to the process of ensuring that an online casino is operating… #
Compliance involves implementing policies, procedures, and controls to prevent and detect non-compliance, and to correct any deficiencies or vulnerabilities. Related terms include compliance officer, compliance program, and regulatory compliance.
Data Protection refers to the set of laws, regulations , and procedures de… #
Data protection involves implementing stringent security measures to prevent unauthorized access, use, or disclosure of customer data. Related terms include data protection officer, data protection policy, and General Data Protection Regulation (GDPR).
EGaming refers to the online gaming industry, which includes online casinos, spo… #
EGaming is a rapidly growing industry, with many jurisdictions establishing regulatory frameworks to govern the industry. Related terms include eGaming license, eGaming regulation, and online gaming.
Fair Gaming refers to the principle of ensuring that online casino games are … #
Fair gaming involves implementing stringent testing and certification procedures to ensure that games are operating in accordance with the relevant standards and regulations. Related terms include fair gaming policy, fair gaming certificate, and gaming integrity.
Fraud Prevention refers to the set of procedures and controls designed to… #
Fraud prevention involves implementing stringent verification processes, monitoring transactions, and reporting suspicious activities to the relevant authorities. Related terms include fraud prevention policy, fraud prevention program, and anti-fraud measures.
Gaming Commission refers to a regulatory authority responsible for overseeing th… #
The gaming commission is responsible for issuing licenses, monitoring compliance, and enforcing regulations in the online gaming industry. Related terms include gaming authority, gaming regulator, and regulatory body.
Gaming License refers to a document issued by a regulatory authority, which auth… #
The gaming license is typically required for online casinos to offer gaming services to customers.
Identity Verification refers to the process of verifying the identity of… #
Identity verification involves implementing stringent verification processes, including Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures. Related terms include identity verification policy, identity verification program, and customer due diligence.
Information Security refers to the set of procedures and controls designe… #
Information security involves implementing stringent security measures, including firewalls, encryption, and access controls. Related terms include information security policy, information security program, and cyber security.
Internal Control refers to the set of policies, procedures, and controls … #
Internal control involves implementing stringent controls to prevent and detect non-compliance, and to correct any deficiencies or vulnerabilities. Related terms include internal control policy, internal control program, and internal audit.
Know Your Customer (KYC) refers to the set of procedures and controls des… #
KYC involves implementing stringent verification processes, including identity verification, due diligence, and ongoing monitoring. Related terms include KYC policy, KYC program, and customer due diligence.
License refers to a document issued by a regulatory authority, which authorizes… #
The license is typically required for online casinos to offer gaming services to customers. Related terms include gaming license, permit, and certification.
Money Laundering refers to the act of concealing or disguising the… #
Money laundering is a serious crime, and online casinos must comply with strict regulations to prevent and detect money laundering. Related terms include anti-money laundering (AML), know your customer (KYC), and combating the financing of terrorism (CFT).
Online Gaming refers to the act of participating in games of chance or sk… #
Online gaming involves a wide range of activities, including casino games, sports betting, and poker. Online gaming is a rapidly growing industry, with many jurisdictions establishing regulatory frameworks to govern the industry.
Payment Processing refers to the set of procedures and controls designed… #
Payment processing involves implementing stringent security measures to prevent unauthorized access, use, or disclosure of customer data. Related terms include payment processing policy, payment processing program, and secure payment processing.
Random Number Generator (RNG) refers to a software program designed to ge… #
RNG is an essential component of fair gaming, as it ensures that games are operating in accordance with the relevant standards and regulations. Related terms include RNG testing, RNG certification, and gaming integrity.
Regulatory Framework refers to the set of laws, regulations , and guidelin… #
The regulatory framework is designed to ensure that online casinos operate in a fair and transparent manner, and to protect the interests of customers and the public. Related terms include regulatory authority, regulatory body, and gaming regulation.
Risk Management refers to the set of procedures and controls designed to… #
Risk management involves implementing stringent controls to prevent and detect non-compliance, and to correct any deficiencies or vulnerabilities. Related terms include risk management policy, risk management program, and internal control.
Security refers to the set of procedures and controls designed to protect… #
Security involves implementing stringent security measures, including firewalls, encryption, and access controls. Related terms include security policy, security program, and cyber security.
Transaction Monitoring refers to the process of monitoring and analyzing fina… #
Transaction monitoring involves implementing stringent procedures to detect and prevent suspicious activities, including money laundering and terrorist financing. Related terms include transaction monitoring policy, transaction monitoring program, and anti-money laundering (AML).
Underage Gaming refers to the act of participating in games of chance or… #
Underage gaming is a serious issue, and online casinos must comply with strict regulations to prevent and detect underage gaming. Related terms include underage gaming policy, underage gaming program, and responsible gaming.
Virtual Currency refers to a digital currency that can be used to conduct… #
Virtual currency is a rapidly growing phenomenon, with many online casinos accepting virtual currency as a form of payment. Related terms include virtual currency policy, virtual currency program, and digital currency regulation.
Whitelist refers to a list of approved or licensed online casinos… #
The whitelist is typically maintained by a regulatory authority, and is used to ensure that only compliant online casinos are allowed to offer gaming services to customers. Related terms include whitelist policy, whitelist program, and regulatory compliance.