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Three firms to carry out due diligence checks on casino’s junket operator services

November 14, 2019 at 7:34am
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The Cyprus Gaming and Casino Supervision Authority has reached agreement with three international firms undertaking specialised due diligence checks on providers of junket operator services, informed sources told Insider.

Providers of junket operator services are for the Integrated Resort Casino in Limassol upon the grand project’s completion.

The three specialized companies carry out such checks at large international casinos worldwide. Junket service providers take on a role similar to that of travel agents.

However, in the case of casinos their role is to transfer groups of people who would like to be entertained in large casinos while receiving a percentage of the total amount spent by them.

An informed source also told Inisder that the Authority has reached a preliminary agreement on due diligence checks with one firm from the US, another from the United Kingdom and a third from Cyprus and Malta.

The same source added that the purpose of these checks is to exclude providers who may be involved in illegal activities such as money laundering, terrorist financing, etc.

The process is in the final stage and an official agreement is expected to be announced soon. “We want the Cyprus casino to operate on the basis of international standards of full transparency, especially at a time when international pressure on Cyprus is increasing because of the citizenship by investment program and provision of passports to persons with criminal records,” the same source said.

City of Dreams Mediterranean integrated casino resort is expected to be in operation by 2021 and will be a reference point not only for Cyprus but for the entire eastern Mediterranean region. It is estimated to attract over 300,000 tourists annually.

By George Pyrishis

 

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