BCGC Collaborates With ADL Compliance

June 1, 2017

Lanan Bascome Bermuda June 2017The Bermuda Casino Gaming Commission announced its working collaboration with Bermudian owned firm, ADL Compliance Limited, to ensure the right protections are in place to move the Island’s gaming industry forward.

Managed by Ms. Lanan Bascome, ADL is a consultancy firm which handles areas such as compliance, operational risk management and anti-money laundering/anti-terrorist financing.

Ms. Bascome, who has more than a decade of financial industry experience, having previously been employed with the Bermuda Government, HSBC Bank Bermuda Limited, Butterfield Bank and the Bermuda Monetary Authority, said it was “humbling and gratifying” to have the opportunity to work in “such an exhilarating industry as gaming from the ground up [as it develops]”.

“Our enthusiasm was only enhanced by the fact that from our very first meeting, the Commission, and its staff, have been most welcoming. From the outset, they made us feel like part of the team and we knew that this would be a great organisation to collaborate with,” Ms Bascome said.

Starting in March, ADL has worked to complete full and comprehensive background checks on individuals associated with the local gaming industry.

These include criminal, civil and credit checks, media and social media vetting as well as investigations that delve into each individual’s private affairs including professional and personal associations, financial, marriage and employment history.

According to Ms. Bascome, background vetting is designed to give comfort that persons involved in Bermuda’s gaming industry are of the highest levels of integrity. ADL Compliance Limited must also ensure that there are no proceeds of crime involved in the acquisition of the wealth of each person searched.

“These background checks are of paramount importance because people employed in, or working with the casinos and gaming industry in Bermuda will have access to financial assets and complex technology,” she explained.

“As much as we can, we endeavour to ensure that these persons are honest and integral. As the regulator, it is the Commission’s job to safeguard the industry from any possibility of corruption and robust employee vetting goes a long way towards that end.”

“These protections will help Bermuda not only build a reputation in gaming, but will also help safeguard our Island’s hard-earned, distinguished reputation in international business and finance generally.”

Richard Schuetz, the Executive Director of the Bermuda Casino Gaming Commission, said it was the Commission’s priority to work with local businesses wherever possible.

“We hired ADL Compliance Limited to conduct extensive background checks, which will help us ensure anyone associated with the gaming industry in Bermuda operates with the highest levels of honesty and integrity,” he stated. “

This firm in particular impressed us with their experience and expertise in providing services to a variety of regulated industries including law and accounting firms, banks, trust companies, investment firms, reinsurance and insurance companies.”

“Whilst gaming is new to Bermuda, this expertise will prove to be a critical asset for gaming as it is with other cash-based business on the Island. We, at the Commission, understand Bermuda’s new industry will require a strict risk management and anti-money laundering/anti-terrorist financing framework, which is why we have sought the expertise of local firms like ADL Compliance Limited, to assist us with building and implementing this framework.”

Ms. Bascome said that ADL Compliance’s staff had fully embraced the challenge of applying their previous experience to this new industry in gaming.

Our staff members are expanding upon their knowledge of the gaming industry by enrolling in classes at University of Nevada, Las Vegas, which relate specifically to the regulation and background investigations of casinos.

“As casinos are new to Bermuda, we believe it is key that we also understand the casino business,” Ms. Bascome explained. “This understanding will make the application of our compliance expertise more pointed and effective.”

“We consider the development of a vigorous compliance framework to be a vital step towards ensuring Bermuda succeeds in casino gaming. To that end, we are dedicated to doing our part to help Bermuda to develop an internationally respected gaming industry that will eventually place Bermuda in company with other jurisdictions that are regarded as the gold standard.”

She sees it as a great sign that the Commission is committed to hiring Bermudians to assist in the development of this industry. This collaboration is “imperative to the ultimate success of the industry as we seek to make it a uniquely Bermuda gaming industry that works in our economy with the infrastructure, resources and intellectual capital that reside here or can be developed here,” she said.

“It will also ensure that Bermudians are educated about the industry and fully trained so that eventually, the proverbial ‘training wheels’ can be taken off and we can successfully run it as our own.”

“In our view, the Commission’s decision to work with Bermuda-based firms will help to make the gaming industry sustainable and in doing so ensure employment opportunities for Bermudians in gaming [at all levels] for generations. We fully support this choice and are now seeing the benefits first hand.”

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