Due Diligence & Compliance

the key to a properly regulated operation

Compliance and Due Diligence Services

Our team of dedicated professionals has significant experience across the gaming industry, having assisted companies in both due diligence and regulatory compliance. Licensed operators or prospective licensees often seek our assistance in performing initial due diligence reviews, which would then lead to a formal application with the regulator.

Due diligence is one of the most important processes for a licence application and being well-prepared before actually submitting an application is key to ensuring a successful and timely completion.

The due diligence process comprises the fit and proper assessment, where regulators ask for specific information and documentation in order to make sure that shareholders, UBOs and the relevant key persons are of a good conduct and able to properly run a gaming business. Regulators conduct probity investigations with other national and international regulatory bodies and law enforcement agencies, aimed at ensuring a full and complete assessment is conducted on the individuals behind the business.  Through this process, regulators also assess the business viability of the companies, making sure there is a solid financial plan to back up the business proposition. Such checks also include the source of wealth (SOW) and source of funds (SOF) evaluation.

At IGA Group we can assist you in the preparation of all documentation pertaining to the due diligence processes, but once a licence is issued, ongoing compliance becomes key. Obtaining the licence is an actual fact the first step for operating a properly regulated and fully compliant gaming operation, but to achieve this, ensuring ongoing compliance is a must.

Different regulators require a number of compliance audits throughout the lifetime of a licence, but many require the completion of a first-year audit aimed at ensuring the business is being run properly and also giving the operator the opportunity to get back on track should issues be identified.

Regulators allow operators to get external assistance whilst undergoing a compliance audit, but the audit would need to be completed by an approved service provider.

Failure of a compliance audit could lead to the suspension or termination of a licence.

Customer Due Diligence and Compliance Services include:

  • Compilation of documentation in preparation for a licence application;
  • Customer Due Diligence across all sectors and corporate entities;
  • Assistance during the application stage;
  • Compilation of regulatory returns and assistance during compliance reviews;
  • Policies and procedures drafting;
  • Submission of compliance reports to the Board;
  • Advising on matters related to investor protection, as well as managing any statutory obligations needed to assist the business;
  • Ensuring ongoing compliance with the relevant laws and regulations.