Senet Launches New Gaming Accreditation Standard
Gambling is a part of life. It has been throughout history and remains a part of societies everywhere today. One of the few things that changes about gambling over time is the level of regulation, the laws that surround various games and how governments choose to regulate them…or not.
Senet launched in 2017 to meet those needs. The law firm specializes in gambling laws and regulations but also provides guidance on gaming policies, practices, and compliance. Its latest tool is Senet Assure, an accreditation tool that will help gambling companies stay in line with laws and regulations.
What is Senet?
Technically a law firm, it specializes in gambling in the Asia-Pacific region, though it is based in Australia. Its founders chose its name from the ancient game of senet, one in which players “pass” each other strategically while avoiding hazards.
This is the goal of Senet. They help gambling-related companies work with governments, regulators, and other formal oversight bodies to ensure compliance on every level. It also offers various programs to better educate gambling company executives and employees, regulators and policymakers.
Julian Hoskins, Paul Newson, and Alexandra Hoskins are the principals at Senet, all with previous experience in gaming. Mr. Hoskins worked at Tabcorp, while Mrs. Hoskins worked with KPMG. Newson worked in various governmental positions in New South Wales, such as Deputy Secretary of the NSW Department of Industry.
Senet already offered compliance programs. The Senet Board Directors’ Program trains members of boards about their legal duties, pertinent legislation, and responsibilities. The Senet Online Compliance Academy trains companies and their employees about all appropriate regulatory obligations and helps them create a business framework to continue to remain in compliance.
Senet Assure
The latest industry program from Senet is called Assure. It helps companies meet the highest regulatory standards, and it offers accreditation that will create a new and higher bar for compliance, safety, security, and integrity.
To obtain this accreditation, Senet will review and bring to compliance the following:
- Regulatory strategy
- Risk appetite
- Government arrangements
- Responsible gambling obligations and policies
- AML/CTF obligations and policies
- Implementation of policies and procedures
- Staff training and development
- Compliance culture
- Marketing and promotions
One of the benefits highlighted by Senet is the ability to shield an organization against “irresponsible gambling and financial crime risks.”
Undoubtedly, the rollout of this new program at a time when Crown Resorts is at the center of global attention for its scandals was important. Whether or not Crown willfully ignored laws and regulations with relation to money laundering and other crimes or did so unintentionally, it is now paying the price. The first of inquiries and reports about Crown resulted in the suspension of a gaming license, and many more investigations remain waiting to begin.
Senet also acknowledged that its Senet Assure (and Senet Assure Premium) offerings followed a warning by the NSW Crime Commission about the potential for financial crimes due to the pandemic. Money laundering opportunities, evidently, are aplenty.
Unique Time in Gaming Industry
Regulations in the gambling industry are nothing new. As long as governments have been legalizing various forms of gambling, regulators have been setting standards for companies in the field.
However, technology continues to introduce new challenges to the gambling industry. From online and mobile casinos to forms of payment like cryptocurrencies, more opportunities continue to arise for crimes, meaning that companies must consistently build new firewalls and intensify security measures.
Australia is also regularly scrutinizing its laws and trying to balance safety for Aussies versus business opportunities, capitalism versus consumer protections. And there is more attention than ever on responsible gambling and working to prevent gambling harm.
