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Peter Dean to Head AGCC Full Tilt Review

The Alderney Gambling Control Commission (AGCC) will be conducting a review into the way it handled the Full Tilt Poker case. In the past year Full Tilt Poker has had a number of cases brought against it including licensing issues with the AGCC. In recent weeks it has been announced that Full Tilt are likely to enter into a deal with Tapie which has left a number of UK players confused over whether or not it is safe to gamble at Full Tilt. One of the aims of the review is to clear up any such concerns.

The AGCC is conducting a review into its actions in regards to Full Tilt Review to help calm player concerns.

On Black Friday a number of poker sites such as Full Tilt and PokerStars lost their place in the US market. However, Full Tilt poker lost the trust of its players as it was unable to pay back its US and UK customers. The review will be headed by Peter Dean, the former Chairman of the British Gambling Commission. It is hoped that the review shall provide transparency for players, licence holders and the AGCC.

This week PokerStars announced that they shall be releasing details about their internal banking procedures in an attempt to win back customer trust. The Head of Corporate Communications at PokerStars, Eric Hollreiser, has said that their procedures, unlike those at Full Tilt, absorb the risks of working with online payment processors rather than passing the risks onto players.

PokerStars maintains operational funds in accounts separate from their players’ funds. The AGCC did not require this of Full Tilt and it is believed that this has led to a number of their financial problems. This is a further reason for the AGCC to conduct a review.

The review will be completed and made public by March 2012; Peter Dean has until then to decide if the AGCC’s actions were appropriate, timely and fair.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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