A warning to player playing at online casino using domestic licensing systems in South Africa or playing at casinos with PAGCOR licensing. (Image Courtesy of fatf-gafi.org)
Suppose you are a player from South Africa, one of our target markets here in Casinoplusbonus. In that case, you may want to think twice about online casinos and sports books operating under domestic licensing.
At this time, South Africa is on the Financial Action Task Force (FATF) grey list. Also, casinos operating under the PAGCOR licensing could become an issue as the Philippines is also on the same grey list.
As for Malta, the UK, Canada, and Curacao, these countries are in good standing.
This means operators running casinos under licensing frameworks such as the AGCO, Curacao GCB, UK Gambling Commission, and the KGC are probably your best options right now.
Why South Africa?
Although the FATF is a global financial administration authority, the name keeps surfacing across the Casinoplusbonus news desks.
It should be noted that online casinos deal with large sums of money. Therefore, any country that offers online gambling licensing systems will always come under scrutiny from the FATF.
South Africa recently came on Jack Bannon’s radar in his recent news price FATF Calls Out South Africa For Poor AML Checks.
Therefore, if you are playing at an online casino under one of the many licensing authorities in the country, you may want to think twice about how much money you want to keep in your casino balance.
On top of this, if you are a crypto player in South Africa, you certainly don’t want to risk investing with one of the country’s local platforms. At least not while the FATF still has the country on its grey list.
Avoiding gambling platforms until the government of South Africa is off the grey list is a wise move. You’ll be keeping your money and/or crypto safe.
Why the Philippines?
The Philippines wasn’t even on the Casinoplusbonus team’s radar until recently. We have seen quite a few online casinos sign up for the Philippine Amusement and Gaming Corporation (PAGCOR) licensing framework.
Yet, it also recently came to our attention that the country is also on the FATF grey list. This doesn’t bode well when it comes to protecting your money under local licensing laws.
Another suspicious move is that many of the casinos we have reviewed here on Casinoplusbonus operating under the PAGCOR gambling entertainment licensing framework decided not to apply for the new Curacao Gaming Control Board (GCD) certificate to operate.
The move to PAGCOR leaves us with two critical questions:
- Could the operators be avoiding the new strict financial laws in Curacao by moving to PAGCOR?
- Is your money safe at online casinos operating under the PAGCOR licensing?
With all that being said, you don’t have to worry much longer about PAGCOR overseas casinos.
The President of the Philippines has given them until the end of the year to leave the country. This news came courtesy of a report also covered by friend and co-worker Jack Bannon – Is the New PAGCOR Licensing System Already Over?
What are Your Alternatives?
Rather than risk betting or playing casino games in South Africa, you may want to consider playing at an online casino under the Malta Gaming Authority (MGA) or one operating under the Curacao Gambling Control Board (GCB).
Both countries use strict financial laws, insist on proper AML checks, and the licensing authorities are strict about the state of operators’ financial health.
Protection From Casino Bankruptcy
Players in Canada, New Zealand, South Africa, India, and Ireland all have two excellent licensing authorities to choose from. That is, if you are looking for an online casino, choose one that is operating under one of these licensing systems.
- MGA: All online casinos under the Malta Gaming Authority (MGA) must keep player balances in separate bank accounts from the operator’s day-to-day accounts. If a casino goes under, you can still access your funds.
- GCB: Under the new online gambling rules initiated in 2024, operators must regularly report to the government. They must show they have proper financial standing that guarantees the casino is able to pay players.
Players in Ontario, Canada, can also choose an online casino with either of the above two licensing certificates. However, you also have the choice of going with an online gambling entertainment platform operating under the Alcohol and Gaming Commission of Ontario.
What About UK Players?
If you in the UK, then we urge you to stick with the UKGC licensing system. Don’t allow overseas online casinos not operating under UK laws tempt you away from highly secure and player-focused UK gambling laws.
It is all about protecting yourself: Always make sure you protect yourself by choosing an online gambling entertainment platform that has your best interests at heart. That means a casino or sports book with fair gaming and those that operate under fair financial laws.
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