“Now In The Trend The Maximum Transparency And Publicity Of The Company”. Interview With Lawyer Tatyana Klimenko

Home » “Now In The Trend The Maximum Transparency And Publicity Of The Company”. Interview With Lawyer Tatyana Klimenko
March 22, 2022
15 minutes

Editorial gamblingread.Com again introduces his readers with interesting people from the world of gambling. This time, the lawyer tatyana klimenko became our interlocutor. She talked about the intricacies of obtaining licenses, problems with payments in online casinos, development prospects for cryptocurrency in gembling and many other things.

– tatiana, hello! Please tell us what you do in the company law & trust international.

– good afternoon! In law & trust international, i work as a lawyer, namely head of legal: banking & finance department. Accordingly, i work closely with banks and financial institutions around the world.

– your company is engaged in support and registration of business, including gambling. Do you remember your first major gembling project? Tell me about him.

– yes, our company is an advanced in the post-soviet space in the provision of legal services to igor. We are one of the first to work on curaçao, which was very popular, and remains, in principle. Now our customers work on many continents.

Tatyana klimenko with a report on ukrainian gaming week

The first major project was in the uk, immediately with 5 licenses. The bottom line is that every kind of game activity is licensed, licenses should even receive croupier and other significant faces in land based casino. Therefore, the project was rich and enough useful experience. Since the uk is one of the advanced countries in the field of gambling, it was interesting to deepen into legislation and guides, which are just perfect for business.

– in which states most often clients register the gambling business? Than noteworthy of the jurisdiction of these countries?

– in fact – different, each of their goals and business strategies. Most often, of course, consider the eu, namely malta – the country of european gambling, i would say. Quite democratic according to the requirements and moderately strict in regulation, where the law and business are trying to go in balance. Also, the united kingdom enjoys adequate demand, but there is a bit above the price entrance, compared with malta. Isle of man – a country in which the operator can go, who has already worked in another state. That is, this is a place for more experienced operators with history. Curaçao, by the way, everything is also in demand, and very many operators continue to work there. At the same time, european affiliates can be opened (subsidiaries that are subject to maternal. – approx.Red.), expand regions, but do not leave from curaçao.

– suppose the client decided on the choice of a country in which it plans to register online casino. What is the further procedure?

– when the client decided on the choice of a casino, we immediately go to the subject discussion of the details of his project. The choice of jurisdiction is very individual, so never act pattern. The first two important questions are the geography of work and budget. Geography is important because there are no international licenses. That is, having received a license in a certain country, the operator can work both in it and beyond. But the most interesting is that when the operator comes to another state, the local regulator may ask him to get a local license plus to pay the income tax that the operator receives on the territory of the country. This happens in most eu countries. There are countries where the order is not settled. There are countries where gembling is prohibited at all. Therefore, it is very important to decide on the geography of work and take the budget. Further, thanks to these two things, our circle of countries will be narrowed, after which it is possible to study details of local legislation.

– what package of documents is required to obtain a license online casino?

– package of documents depends on the country. In some jurisdictions, they ask a sufficiently serious package of documents. As a rule, it is a state where the gambling business has been developed for a long time and there is a regulatory framework and work practice. In countries, which relatively recently legalized gambling, a little easier at the first stage. But usually almost everywhere they ask for full documents on a legal entity that will receive a license, and full kyc (information about a person. – approx. Red.) on persons in the company – owner, director, aml specialist and so on. It is necessary that these people have experience in the gambling sphere. And, of course, a number of documents that will confirm that the operator will lead their activities honestly, to check the players, identify them, to conduct accounting bases and accounting, adhere to the law and report to the regulator. Now in the trend maximum transparency and publicity of the company.

– in one of its early interviews, you mentioned that the key problem with which operators are faced with licensing gambling business is the opening of bank accounts. What is it confected with? And how to cope with this problem in practice?

– yes, quite right. This is a problem in the trend, if you can say so. This is due to the fact that gembling is classified as high risk. That is, many banks are generally refused to take responsibility for the work of the gambling operator, and those that agree, carefully study the work of the operator. So i said that now in trend transparency and publicity. The more public is the company – for example, it can be found but quite a lot of information in public resources and social networks – the safer for the bank to accept such a client.

Tatiana’s speeches collect a big audience

Banks are also required to report on each customer transaction before their regulator. If it turns out that the transactions that the operator conducts is dubious, and the bank serving this client did notice this or closed his eyes – he may be threatened with the payment of serious fines or imprisonment of the license. Therefore, before choosing a bank, you need to prepare the entire package that he wants to see, and then individually select all payment solutions.

– what is the procedure for action if i need to open an account in the bank for receiving payments from the casino users?

– for this there is a great solution – processing, or in other words, merchant account (trading account. – approx. Red.), which opens to accept payment of online cards. That is, on the site of the gambling operator, users will be able to replenish their accounts by payment online card. Here the most important is the presense of a site that will meet the requirements of visa and mastercard if you need to receive data cards, as well as the availability of a suitable structure, that is, companies.

– what problems most often clients are faced when opening an account?

– most often, today, customers face the problem of the source of origin of funds. Now all banks and payment systems are asked to show a legal source of origin, that is, as the owners of the company earned their capital. May request official documents – tax returns, bank statements and t.D. Quite often problems arise here. In particular, now many earn money on cryptocurrency. And cryptocurrency in many countries has not yet been settled. There are also difficulties in the provision of the source of origin of funds. This is all realistic to prove, of course, simply requires special knowledge of lawyers who lead the client, and a creative approach.

– how does the payment reception system in online gambling from the operator?

– each payment system is working in its own way, since everyone has their own work geography. If you take a common picture – in any case, there must be a bill account for economic activity (internal, such as salary accrual, office rental and so on.); segregated account where customers will be stored; account for operating activities (payment counterparties under contracts, contracts and t.E); processing for receiving payments online. That is, the more accounts of the company, the more correctly the capital diversification occurs. And the safer will be the operator itself.

– with what payment systems operators work is most convenient, and with what harder?

– it is more convenient to work, of course, with those who give the most complete functionality, that is, swift, sepa, target2 is global channels by which payments are made from one country to another. Sepa, for example, works only in the eurozone, and if you have only sepa, then send a translation to the usa or china will not be possible. Swift works worldwide globally. Target2 also works globally, but only with euro currency. When choosing a payment system, you need to pay attention to whether it has a license at all, what kind of license, which channels will be available for transfers, with what countries it can work in which currencies, are there cards. As pactice shows, payment systems with complete functionality is not so much with such a huge sentence today, so it is worth carefully approaching the choice.

– how do you evaluate the payment system in online gambling in the cis? What differences would you allocate, compared to the west?

– currency control delays payments, plus in most cis countries gambling is allowed only partially, so payments for this region are carried out problematic. This is one of the reasons why operators go abroad.

– in recent years, there were cases of hacker attacks opacounts of users and operators. How would you estimate the level of security of the established payment system in the cis?

– now the security system is one of the above discussions. Everyone wants to get complete security and confidence that their savings will remain safe and preservation. In this case, we always recommend carefully approaching the recruitment of the bank or the payment system and immediately ask questions – how the score is protected, which user identification methods are provided if there are two-factor authentication (the access control method in which the user needs to make more than one account possession of the account. – approx. Red).

– in your opinion, in which countries are the most reliable systems for monitoring the financial activities of operators?

– if you consider in the gambling sector, i would allocate malta and the uk. These are the countries where a large number of operators are concentrated, they occupy advanced places in the ranking of the budget from the gambling sector. Accordingly, the state has a powerful regulatory and control system.

– what measures do you consider most effective in monitoring payments in online gambling?

– most effective, in my opinion, the online monitoring system, since there is a powerful system to which all the gambling operators connect their software and monitoring the state occurs in the online mode. This is the transparency and publicity of activity of both the operator and the state. But the online monitoring system is a powerful tool for the introduction of which you need a lot of resources. Theraefore, not many countries it has. In the classic approach, monitoring is carried out through the reporting of gembling companies, audit, conducting inspections from the regulator and t.D.

– have you ever accessed customers with the problem of blocking accounts? What needs to be done in such cases?

– yes, of course, very frequent request. Account blocking is usually accompanied by a request for additional documents. The bank is incomprehensible to the client’s action, and it blocks the bill before finding out the reasons. It im important here to quickly understand what the bank wants to see, and explain everything for the earliest decision of misunderstanding.

Tatyana – experienceed speaker

– how taxes with operators for keeping gambling activities are charged?

– this is hapaning by submitting reports where taxes payable are visible. Also states are monitoring tax deductions. For example, the eu legislation requires that gambling operators open accounts solely in the european community (eea) countries that are exchanged in automatic mode. Operators must have an account within the jurisdiction of the eu / eea. For violation of the provisions they threaten sanctions.
Any person recognized as guilty of violating financial obligations or payment of fees and taxes is subject to a serious finant or imprisonment.

– as a simple player online casino to be sure that the operator will honestly pay the whole amount of winning? Are there supervisory authorities that control this process exist?

– the player needs to see where he makes his money: what is this company, does she have a license who issued it. This information must be presented on the operator’s website. There are also required to be detailed policies, such as terms of use, refund policy. If a player does not see this legal information, which is basic, he should think before to make fun. If he made sure that the company is completely legitimate, it has a license, but in the process he has complaints – the regulator who issued a license.

– will the license guarantee full honesty and transparency from the operator?

– full honesty and transparency – fairly evaluation concepts. But, of course, the license creates a framework for the operator, within which it should work, and provides a security player.

– what is a reserve payment fund players? Who creates such funds and why they am important?

– each license a certain capital, which will be used to pay for players and other lenders in the event of the inability of the operator to pay debts. The customer’s funds must be stored separately from the tools of the operator in the bank or payment system. In the eu, for examples, there are requirements, so that the bank was in the territory of the eez. It protects the players from the fact that the operator in case of bankruptcy will not pay the win. Legislation obliges to create reserve funds, without which the further work of the operator is not possible.

– what do you think about cryptocurrency transactions? Anonymity of payments in online gambling is a plus or minus?

– there are two sides of the coin. One is that now there are realy many calculations going in cryptocurrency. The second is that the virtual currency is pretty hard to track and return. It is worth noting that payments in cryptocurrency in any case will grow. Countries that have not yet settled cryptocurrencies worth it.

– in your opinion, what major changes are expected in the reception system and monitoring payments in online gambling in the coming years?

– the trend is now going to transparency. Payment systems come to shift, which are faster, cheaper and easier, as well as calculations in cryptocurrency. The world seeks to reduce bureaucracy, formalism and transition to fast, simple and secure operation. Therefore, fintex-sphere (branch using innovation to compete with traditional financial institutions. – approx. Red.) now let’s noticeably displaces banks, and i assume that this movement will gain momentum and create safe regulation for customers.

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