Casinos
Casinos are highly regulated in jurisdictions world-wide and Bermuda is no exception. The following functions are carried out by the Commission to ensure that the goals of honesty and integrity, maintaining public confidence and mitigating social risk to vulnerable individuals are met:
Licensing (assessing the suitability of applicants – “due diligence”)
Supervision
a. Inspections and investigations
b. Compliance monitoring and audits
c. Testing of gaming equipment (e.g., slot machines and game systems)
d. Training and education
These functions are administered within a compliance framework developed by the Commission through a series of instruments, objectives, processes and activities that measure and encourage compliance with the regulatory regime. The framework includes:
Legislation
Casino gaming
Proceeds of Crime/AML & ATF
Directives
Standards
Information Bulletins
Guidance notes
Regulatory objectives which address the risks to the public interest and consumer protection.
Outcomes and/or specific or prescriptive requirements, prohibitions, or directions.
Review/Assessment of the Control Environment of the regulated person, including its Internal Controls
Compliance Activities including:
Licensing
Regulating/Supervising
Desk Based Inspections
Onsite Inspections,
Investigations,
Corrective Actions (enforcement), sanctions, including censures, financial penalties, directions, suspensions, and cancellations.
External audit
Internal audit
To ensure that potential licensees are of good character and will act with honesty and with integrity, a significant amount of time and effort is spent upfront in the regulatory process to vet prospective new applicants by a thorough background investigation of applicants. The granting of a licence is only one part of the overall regulation of casinos. Other regulatory assurance activities must be undertaken to ensure that licensees (operators, suppliers, and individuals), are complying with the letter and spirit of the laws and regulations on an ongoing basis.
Please refer to the Gaming Act 2014 for more information (click the link below):