BWIN GETS INTO THE MONEY

2 May 2008

Online gambling group awarded FSA licence


The Vienna-listed online gambling group Bwin will be able to offer its own e-money payment solutions following the award of a British Financial Services Authority licence after stringent probity checks.

The license requirements are subject to tough regulations: In addition to detailed disclosure of the ownership structure and an extensive review of management, specific equity criteria as well as system and infrastructural requirements must be satisfied. In addition, all internal operational and risk management processes associated with payment systems are subjected to an in-depth audit.

The Financial Services Authority in the UK regulates the entire financial services sector, which is held in high regard worldwide, and is equipped with far-reaching rights and controls. Ultimately, the purpose of this authority is to prevent crime in this sector, and to this end, it is authorised to implement regulations, enforce compliance and conduct investigations.

In achieving FSA licenced status, Bwin has joined the ranks of a new league - from now on, the company will be able to offer payment options such as prepaid cards and cooperate directly with MasterCard. With the exception of banks, this privilege is only granted to a small number of companies and, in its industry, Bwin is the only company to hold such a licence.

Online Casino News courtesy of InfoPowa