Key points:
- The Isle of Man Gambling Supervision Commission (GSC) has fined SK IOM £70,000 for AML/ CTF failings
- The operator complied with investigations, reducing the penalty from its initial £100,000
- The regulator has also published new guidance for licence holders looking to change licence ownership
The Isle of Man Gambling Supervision Commission (GSC) has fined SK IOM £70,000 ($95,587), after a regulatory investigation found evidence that it had contravened anti-money laundering and counter-terrorism financing (AML/ CTF) regulations.
The £70,000 civil penalty — a 30% discount on the original £100,000 sum — reflects both the severity of the failing and the action taken by SK IOM following the investigation. SK IOM has undertaken comprehensive remediation and co-operated with the GSC in its investigation, agreeing to the settled sum early.
SK IOM received its Isle of Man gaming licence in 2016, with a 2024 inspection finding several AML/ CTF failings. These included not ensuring their MLRO and AML/ CFT Compliance Officer had the necessary expertise or resources, a lack of monitoring and testing compliance, a lack of annual AML/ CFT reports and others.
The commission stated that it was “satisfied” with the penalty.
Good to know: This time last month, GSC staff undertook a modern slavery training day to raise awareness and explain the dangers of the practice on the island
Also, the GSC has released new guidance for Isle of Man gaming licence holders looking to make changes to shareholders or beneficial owners of licensed entities. In summary, a Director of a Licence Holder must fill in and submit a ‘Role Cessation Form’ to the Lead Inspector of the GSC, with the regulator encouraging licence holders to review the new guidance to avoid delays in future.
