Online Casino Operators Subject to Compliance Audit

All Antigua-licensed online casino providers must complete a compliance audit following alleged fraudulant activity within the FSRC.

Antigua-licensed online casino operators will be subjected to a compliance audit after Leroy King, the Financial Services Regulatory Commission (FSRC) administrator and Chief Executive Officer’s alleged involvement in fraudulent behaviour with Stanford International Bank (SIB). King has been fired from his position and replaced by Everett Christian while the investigation and audit ensues.

King has being accused of assisting investor Sir Allen Stanford with an $8 billion (US) fraud with the SIB by ‘looking the other’ way and receiving bribes. As such, the Antigua Cabinet has requested that the FSRC audit other businesses operating in the offshore sector, including online casino operators.

The audit is being headed up by Christian who will currently be acting as FSRC CEO along with the head of the Antigua and Barbuda Chamber of Commerce and Industry and the Country Manager of Antigua and Barbuda Investment bank.

Christian commented saying the audit is being carried out in order to show that the board is not taking the matter lightly and to ensure there are no other fraudulent situations taking place. Antigua is no doubt also looking to save face on this matter. They plan to implement a new public relations campaign and possibly hire a public relations company or communications consultant to help deal with the backlash.

Although the issues will no doubt raise eyebrows for regulating online casinos and offshore businesses in Antigua it seems very clear that they are unwilling to accept defeat. Antigua has been licensing offshore gambling since 1995 and is listed on the UK’s white list of approved gaming regulators. They license big names in the online casino industry including Intertops, Bodog, BetonSports and more.