The Authority, upon undertaking its duties in September 2015 and after carrying out an assessment of the current situation with regards to its internal functioning and the industry in general, set the primary objective of solving complex problems and weaknesses that had been presented. With the ultimate aim of providing qualitative and efficient services to licence holders, as well as the full implementation and compliance with the legal framework and the cultivation of healthy competition, the strengthening of the sector to a substantial extent has been set as the main goal of the Authority. As a consequence, the Authority has prepared an Action Plan (Strategic Planning) for the period 2016-2018 within the context of its medium-term planning.
The competences of the Authority include the regulation, supervision and control of betting activities which are carried out within the territory of the Republic of Cyprus. The sphere of the Authority’s competence primarily includes the granting of licenses to Class A or Class B licence recipients and to authorized representatives, the carrying out of controls, the general supervision of licence holders, as well as the preparation and issuing of directives for the better implementation of the Law. The Authority, fully comprehending the new industry standards applicable worldwide and the introduction and promotion of new technologies in the industry, has the objective of granting Class B licences, as required by modern developments.
The controls carried out by the Authority concern the carrying out of betting activities in a legal manner, compliance with the rules for the transparent, honest and fair conduct of such activities, the yielding of profits to players, the collection of taxes for the benefit of the Republic and their contribution to the Authority, as well as the enforcement of licensing conditions. The Authority is currently at an early stage of existence and it is necessary, without a doubt, to introduce such structures and procedures that will enable it to carry out its mission.
The adoption of precautionary measures for preventing money laundering from illegal activities is a matter of crucial importance for the Authority. It has thus initiated the procedure for drawing up a relevant guide that will be adopted in collaboration with the competent Advisory Authority for Combating Money Laundering and Terrorist Financing.
Furthermore, the Authority is competent for the implementation of specific measures for the prevention and protection of young persons and vulnerable groups against addiction to betting, as well as the preparation of regulations concerning the mechanisms for the protection of young persons and pathological players. The Authority is aware of the dimensions of betting addiction and it is thus prepared to immediately proceed with the necessary actions for preventing this phenomenon and developing a culture for responsible betting amongst young persons. The cornerstone of this effort is the collaboration of the Authority with the relevant bodies and international organizations.
More specifically, the Authority’s Strategic Planning for the period 2016-2018 consists of five pillars which are further broken down into specific planned projects, so that the Strategic Planning may form a comprehensive tool for setting out and implementing the relevant objectives: