CyberHorizon fined £140,000 by GSC for AML failures

The gambling regulator of the Isle of Man released its conclusionary statement to its investigation into CyberHorizon. 

reglation
Listen To Article

Key points:  

  • The £140,000 fine for CyberHorizon’s AML & CTF breaches was discounted by 30% thanks to the company’s cooperation and early settlement 
  • CyberHorizon has not held a licence in the Isle of Man since September 2023 and no longer operates in the jurisdiction 

A £140,000 ($184,000) fine has been handed out to digital office hosting service CyberHorizon by the Isle of Man Gambling Supervision Commission (GSC), for failures relating to anti-money laundering (AML) and counter-terrorism financing (CTF).  

The investigation, which began in June 2023, has now reached its conclusion, with CyberHorizon being serviced a £200,000 fine discounted by 30% for its willingness to cooperate. The company held a licence in the Isle of Man for around two-and-a-half years between March 2021 and September 2023, leaving the jurisdiction shortly after the investigation began.  

Specifically, the investigation uncovered that CyberHorizons had not met the necessary requirements pertaining to regular customer risk assessment reviews, technology risk assessment implementation, ceasing customer relationships with players who provided inadequate due diligence and failure to provide details on how records would be retrieved following licence cessation.  

A statement relating to the severity of the case was released by the Commission as part of its conclusion, reading: “The Commission is satisfied that the imposition of the Civil Penalty on CyberHorizon, reflects the serious nature of the non-compliance and issues identified. The Commission is also satisfied that the directors of CyberHorizon, at this time, recognise and accept that there had been certain shortcomings in that mandatory aspects of the Code had not been complied with. 

It was further noted that CyberHorizon had entered into settlement discussions with the Commission and having accepted certain shortcomings, sought to resolve matters constructively and expeditiously.” 

Additional recent news from the Isle of Man saw both Evolution and St8.io secure their respective operational licenses in the region in September.  

Premium+ Connections
Premium
 
Premium
 
Premium
 
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
 
 
Premium
 
Premium
 
Premium
 
Premium Connections
Consultancy
Executive Profiles
Evolution
Crown Resorts
Relax Gaming
Follow Us

Facing Facts: Analysing figures from emerging gambling markets

Where is the gambling market on the rise, and are there any...

Taking Stock: A guide to lottery/iLottery operator and supplier prices

Gambling Insider tracks lottery/iLottery operator and suppli...

New Horizons Cover Feature: United Arab Emirates

With its first land-based casino set to open in 2027 and a n...

New Horizons Cover Feature: Brazil

Brazil performed quite the feat by getting its heavily delay...

The best of Malta at the Global Gaming Awards

Powered by Gambling Insider, the Global Gaming Awards are th...

Preview: SiGMA Malta 2024

A place in the winter sun: SiGMA returns to the home of iGa...

Company profile: Soft2Bet

Bill 55: Advantages and challenges for Maltese operators in...

Company profile: DS Virtual Gaming

DS Virtual Gaming is a leader in the gaming industry, utilis...