Bank account for gambling and Kahnawake gambling license
Kanawake is an Indian reservation in Canada that belongs to the Mohawk tribe. The Indians place a special emphasis on gambling. They not only opened prestigious casinos on the reservation, which provide jobs for the locals. They also defended the right to issue gambling licenses Kahnawake companies that will pass rigorous inspection.
Features of the Kahnawake gambling license
The Kahnawake Gambling Commission is responsible for issuing a gambling license. It was created in 1996, the regulations were adopted 3 years later. The regulator issues licenses for both online and land-based casinos (poker rooms, lotteries, slot machines).
The Commission issues a license to operators of many countries except for casinos, which work with clients from the United States. It is connected with the scandal, the culprit of which was poker site Ultimate Bet. The Commission confirmed the fraud and ordered to return the players $22 million, pay a fine of $1.5 million, after which an agreement was concluded with the Office of Gambling Control of the State of New Jersey. As a result of it, Kanawake will not grant licenses to gambling operators who work with gamers from the United States.
Benefits of Kanawake for gambling licenses
- Kanawake grants different types of licenses, including companies that develop online gambling software.
- There is no corporate tax and no additional fees for gambling.
- Online casino owner can operate legally, cooperate with reliable software developers and payment systems.
- Kanawake's license is prestigious because the Commission really protects players and punishes fraudulent operators.
- There is no minimum share capital requirement.
How to get a gaming license Kanawake
To obtain a Kahnawake gambling license in 2023, you must:
- Appoint a company representative to advocate for the company before the Commission.
- Gather all the necessary documents.
- Submit an application and pay the registration fee.
- Wait for a response from the regulator - from 1 to 2 months.
- Launch online casino in case of a positive response.
Documents for gambling license
To avoid rejection it is important to collect and properly execute all documents:
- Application for a license. If you want to open an online casino, you will most likely need Client Provider Authorization (CPA).
- Information about the form of registration of the company as a legal entity.
- Documents of the owners of the company, their bank details, certificate of criminal record.
- Information about the directors, shareholders who own more than 10% of the shares, other responsible persons.
- A detailed description of the online casino management system.
- A letter from the holder of a valid IGL (Mohawk Internet Technologies) interactive gaming license, stating that he agrees to the issuance of a CPA to your online casino.
- Personal financial statements for directors, shareholders.
- A list of the games the online casino will offer.
- A description of the gaming software.
What's important to know
If the Commission approves the application, it will issue a license for 6 months. Then it will appoint an inspection that will check the operation of the online casino, examine:
- how well it works;
- whether there are no complaints about the operator's work and how well-founded they are;
- whether the operator has not committed fraudulent transactions, other actions that negatively affected the credibility of the Commission or its reputation.
If everything is normal, the Commission renews the permit for 5 years. If the inspection finds a problem, two options are possible. First, the license will be revoked. Secondly, the license will be prolonged for another 3 months, during which all the errors must be corrected. Then one more check is waiting for the operator.
How to get a gambling license in Kanawake
To get a gambling license in Kahnawake, contact IT-OFFSHORE experts.