Table of Contents
Purpose #
This document outlines the requirements for obtaining a gaming license from the Department of Customs and Inland Revenue and administered Vanuatu Gaming Authority. The license permits the holder to legally operate online gaming and betting activities.
Scope #
This document covers all necessary requirements, including legal, financial, operational, and technical aspects, that an applicant must fulfill to obtain a gaming license from the Vanuatu Gaming Authority.
Regulatory Framework #
- Authority: Vanuatu Gaming Authority, regulated by the Department of Customs and Inland Revenue.
- Applicable Laws: The Interactive Gaming Act Cap 261, The Consolidated Anti-Money Laundering and Counter-Terrorism Financing Act No. 13 of 2014 and other relevant local laws.
Eligibility Requirements #
Applicant Information #
- The applicant must be a locally registered company in Vanuatu.
- Full company name and registration number.
- Physical and postal address in Vanuatu.
- Contact information (email, phone number).
- Proof of identity for all directors and significant shareholders (passport, national ID).
- Certificate of Incorporation, Memorandum & Articles of Association, and other relevant corporate documents.
Ultimate Beneficial Owners (UBOs) #
- Detailed information on all UBOs, including full name, date of birth, nationality, and address.
- UBOs are defined as individuals who directly or indirectly own or control a significant percentage of the company (typically 25% or more).
- Documentation proving the identity and ownership structure of UBOs.
Financial Requirements #
- Demonstration of financial stability and capability to operate a gaming business.
- A letter from a suitable professional (Accountant or Lawyer) outlining source or wealth.
- Proof of capital adequacy to cover operations, player liabilities, and other financial commitments.
- Business plan, including projected revenues, expenses, and profitability.
Background Checks #
- Criminal background checks for all directors and UBOs.
- Declaration of any past criminal convictions, regulatory actions, or bankruptcies.
Operational Requirements #
Business Model #
- Detailed description of the gaming and betting services to be offered.
- Explanation of the operational model, including the types of games, betting formats, and customer base.
- Marketing strategy and target markets.
Technical Infrastructure #
- Detailed IT architecture and system design, including hardware, software, and network components.
- Security measures to protect against fraud, hacking, and other cybersecurity threats.
- Data protection measures, including encryption and secure data storage practices.
AML/CTF Compliance #
- Appointment of an Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Compliance Officer, responsible for overseeing compliance with relevant laws and regulations.
- Implementation of comprehensive AML/CTF policies and procedures.
- Procedures for customer due diligence (CDD), including know-your-customer (KYC) processes.
- Reporting mechanisms for suspicious activities.
- Regular training for staff on AML/CTF requirements.
Responsible Gaming Measures #
- Implementation of responsible gaming policies and procedures.
- Information and resources for addressing problem gambling.
Submission Requirements #
- Completed online application.
- Payment of the application fee as specified by the Authority.
- Submission of all required documentation, including those mentioned above.
Application Process #
Initial Review #
- The Regulator will conduct an initial review of the submitted application and documents.
- The Authority may request additional information or clarification.
Evaluation #
- Comprehensive evaluation of the applicant’s eligibility, financial stability, and operational plans.
- Background checks on Directors and UBOs.
Decision #
- The Regulator will issue a decision on the application, which may include approval, conditional approval, or rejection.
- In case of approval, the license will be issued along with any specific conditions or requirements.
Post-Licensing Requirements #
- Ongoing compliance with all regulatory requirements and conditions set by the Vanuatu Gaming Authority.
- Regular audits and reporting as required.
- Renewal of the license as per the specified period and process.
