Main provisions of the Gambling Act
The Bahamas Gaming Act of 2014 is a comprehensive legislative document overseeing all facets of gaming pursuits in the country, encompassing both physical and online casinos. The key stipulations of the act include:
Licensing and Regulation:
The act empowers the Bahamas Gaming Board (BGB) to grant licenses to online casino sites engaged in gaming activities. It details the stringent licensing procedures, including the criteria that operators must satisfy to obtain and retain a license, while also prohibiting illegal practices in their gaming establishments.
Types of Licenses:
The legislation categorizes various licenses, encompassing casino licenses, interactive gaming licenses tailored for online operators, and supplier licenses applicable to entities providing gaming equipment or services.
Integrity and Fairness:
Emphasis is placed on the necessity of fairness and integrity in gaming operations. The act delineates standards for game rules, equipment, and procedures, such as Random Number Generators (RNGs), to ensure equitable gaming and reasonable winning opportunities for players.
The legislation incorporates provisions aimed at safeguarding players at Bahamas casinos, including measures to forestall problem gambling and the establishment of self-exclusion programs. Operators are mandated to implement policies promoting responsible gaming and disseminate information on such practices.
Anti-Money Laundering (AML) Measures:
Robust AML provisions are integrated into the act to counteract money laundering and other financial crimes within the gaming sector. Operators are obliged to implement rigorous customer due diligence procedures and report suspicious transactions detected through computer algorithms to relevant authorities.
Enforcement and Penalties:
The Bahamas Gaming Board is endowed with the authority to enforce compliance with the act and monitor all gambling laws and regulations in the Bahamas. It possesses the power to conduct investigations, audits, and inspections of gaming operations. Penalties, such as fines and potential license revocation, may be imposed in the event of non-compliance with the provisions of the act.