AGCC to Protect Player Funds

Alderney Gambling Control Commission (AGCC) is moving to protect gaming integrity by requiring gambling sites to maintain separate accounts for player funds. The new regulations are set to take effect in January of 2013.
To insure compliance with the new regulations, the AGCC will also be required to submit monthly reports proving that the money is where it’s supposed to be. The account, according to the regulations, will be used exclusively for player funds and nothing else.
Gaming sites that are unable to comply with regulation can take advantage of one exemption/loophole. The AGCC is willing to waive the requirement so long as the site receives a personal guarantee from a backer that player funds will be returned in full should the site owner be unable to fulfill their obligations.
Swift Turnaround
This week’s announcement marks a sharp turnaround from the AGCC after months of claiming that regulations wouldn’t have prevented a Full Tilt Poker (FTP) situation. Many in the online poker world suggested that tighter regulations, and ring-fencing funds, would have prevented FTP executives from using player accounts as a personal slush fund.
While that’s a popular sentiment, it might not necessarily work. In an interview with PokerFuse.com, AGCC Executive Director André Wilsenach, pointed out some flaws in the ring-fencing theory.
He points out that player funds are considered an asset in case of bankruptcy and are used to pay off creditors. That’s exactly what happened in the recent cases of Purple
Lounge and 5050 Poker.
Still, most players and affiliates consider the new regulations a step in the right direction.
Do you think the new AGCC regulations will prevent another Full Tilt Poker disaster? Share your opinions our Online Gambling Newswire Forum.