The Ministry of Finance has approved a new regulation setting out the procedure for verifying the reputation, integrity and origin of funds used to organize gambling activities. This bylaw stems from the adoption of the new Gambling Law and specifies in detail the documents that legal entities and individuals must submit when applying for a license to operate a casino, betting shop, slot machine club or closed-type tombola.
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To prove that they meet the reputation criteria, applicants must submit the relevant documentation. Among other things, this includes information on sanctions imposed that prohibit them from practicing a profession, proof that no measure barring them from organizing gambling activities has been imposed, as well as information on other similar circumstances relevant to their involvement in this activity.
The regulation also introduces strict oversight of the source of funds in the share capital. By reviewing bank statements, contracts and financial statements, the Ministry of Finance will verify whether the movement of funds can be traced continuously from their origin to their payment into the company. The regulation also governs procedures for changes to the ownership structure and share capital, as well as the appointment of members of management and supervisory bodies.
The adoption of this regulation is linked to the provisions introduced by the new Gambling Law. One of them is an assessment of the reputation of the partners and associates of companies that have obtained gambling licenses. The assessment also covers members of the management and supervisory bodies of commercial companies that organize gambling activities and in which the state is the sole shareholder. This assessment is considered a highly important factor in the fight against money laundering and terrorist financing, and it is therefore proposed that the reputation of the individuals concerned be reviewed as a priority.
The new Gambling Law was adopted in June this year, with the aim of establishing a modern, clearer and more efficient legal framework for regulating this sector.
