Navigating the GCB License Application Backlog

Following the announcement of the first master license expiration on 18 August and the portal reopening, there has been a surge in demand. The GCB has already received over 1,000 applications, resulting in a significant backlog. With the current processing rate of just 10 applications per week, applicants may face a waiting period of 12 to 18 months before their applications are finalised.

The GCB Application Process: A Four-Stage Journey

The GCB application process is both rigorous and detailed, consisting of four key stages:

1. Verification of Uploaded Documents: Ensures all submitted documentation is accurate and complete.
2. Due Diligence: Involves a thorough investigation into the applicant’s background and business legitimacy.
3. Suitability: Assesses whether the applicant and their business meet GCB standards and criteria.
4. GCB Board Review: The final decision-making stage where the GCB Board reviews all aspects of the application.

At each stage, the GCB issues a checklist highlighting items that need correction before the application can advance. This makes it essential for applicants to submit error-free applications to avoid delays.

How Nexus Can Streamline Your GCB Application?

Given the complexity and backlog in the application process, Nexus offers a comprehensive suite of services to help you navigate and expedite your GCB application:

1. Application Review: Nexus conducts a thorough review of your application to identify potential issues and provides solutions.
2. Review and Update of Application Forms: We review and update your application forms to align with the latest GCB requirements, minimising the risk of errors and delays.
3. Review and Update Business Plans and/or Financial Projections: Nexus reviews and refines your business plan and financial projections to meet GCB standards, enhancing your application’s viability.
4. Website Review: We review and advise on technical requirements to ensure your website meets the GCB’s requirements.
5. Business Structuring: Nexus assists in structuring your business to fit the regulatory norms, improving your application’s chances of approval.
6. Priority Processing: Where possible, Nexus can assist in prioritising your application through the GCB process, helping you avoid the lengthy wait times.
   

Post-License Support: Nexus Has You Covered

Once you’ve obtained your license, Nexus continues to support your business by offering:

1. Standard Operating Procedures Reviews: We conduct a gap analysis of your current SOPs to ensure compliance with the regulations.
2. Policy and Procedure Drafting: Nexus assists in drafting and updating policies and procedures to maintain compliance with GCB standards.
3. Compliance Officer Functions: We provide support for AML, technical, legal, and operational compliance, ensuring your business remains in good standing.
4. Player Support Services: Our services include Alternative Dispute Resolution (ADR) to enhance player support and meet regulatory requirements.
5. System Security and Information Testing: Nexus ensures your systems are secure and compliant with GCB’s requirements.
6. Business Risk Assessments and Customer Risk Assessments: We assist with Business Risk Assessments (BRA) and Customer Risk Assessments (CRA) to identify and mitigate potential risks, and to meet GCB’s requirements.
7. AML Certification: Nexus ensures your business meets all Anti-Money Laundering (AML) requirements as mandated by the GCB.
   

Require Further Information?

We can help you with our committed specialists. To get in touch with us, please use our online form to submit your request or send us an email.