Stricter Gaming Credit Regulations Coming to Macau
LISTEN TO THIS ARTICLE:Macau, one of the world’s major gambling hubs, will be tightening its regulations regarding gaming credit through new legislation titled, “Legal regime of credit concession for gambling in casinos”. The new bill is designed to come down on breaches of the credit law by concessionaires.
The aim is to strengthen the monitoring of gaming credit activities in order to help protect the integrity of the industry. The government is trying to ensure that gambling in the region remains transparent and that responsible gambling practices are followed.
Under the proposed legislation, only concessionaires will be allowed to provide gaming credit and casino management firms will be strictly forbidden from doing so. However, the laws will allow licensed junkets to form agreements with concessionaires in order to provide players with credit.
Macau’s gaming regulator, the Gaming Inspection and Coordination Bureau (DICJ), will be charged with supervising concessionaires’ credit activities and that of any associated junkets. The regulator will be able to carry out inspections without any prior notice and concessionaires will be obligated to comply fully.
The bill also introduces severe penalties for those who do not follow the new regulations. A concessionaire who is found to be carrying out credit operations through a third party or who is transferring credit qualifications could face fines in the region of MOP2 million up to MOP5 million. Junkets who are found to breach the rules could face fines of MOP600,000 to MOP 1.5 million.
The bill also sets out the general obligations that credit entities must meet. It requires concessionaires and gaming junkets to create systems of credit risk control and to carry out credit business in a cautious and sensible manner. It also obligates them to keep detailed records of credit activities and to ensure they implement proper data protection measures. Furthermore, they must establish proper systems for handling customer complaints.
The Macau Executive Council first revealed the amendments to the credit law and they are now available for public inspection on the Macau Legislative Assembly’s website. Adriano Marques, the DICJ Director, has confirmed that the bill is currently in draft form and will be examined and voted on by the Legislative Assembly.
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