King Gaming Limited was licensed by the Isle of Man Gambling Supervision Commission (the “Commission”) under section 4 of the Online Gambling Regulation Act 2001 (“OGRA”) on 13th June 2017.

This statement follows the Commission’s previous public statement on 24th April 2024 which can be viewed on the Commission’s website.

The Commission considers that it is in the public interest to issue this statement to advise stakeholders that further to section 13 of OGRA, the Commission cancelled King Gaming Limited’s licence on 24th July 2024. This decision has immediate effect.

This decision is made in furtherance of the Commission’s regulatory objectives as set out at section 5(2) of the Gambling Supervision Act 2010.

Notwithstanding the decision above, the Commission continues to liaise with partner agencies regarding aspects of King’s affairs.

The Commission will make no further public comment regarding this until matters are fully concluded.

Dalmine Limited (“Dalmine”) was licensed by the Isle of Man Gambling Supervision Commission (the “Commission”) under section 4 of the Online Gambling Regulation Act 2001 (“OGRA”) on 16th October 2019.

This statement follows the Commission’s previous public statement on 24th April 2024 which can be viewed on the Commission’s website.

The Commission considers that it is in the public interest to issue this statement to advise stakeholders that further to section 13 of OGRA, the Commission cancelled Dalmine Limited’s licence on 24th July 2024. This decision has immediate effect.

This decision is made in furtherance of the Commission’s regulatory objectives as set out at section 5(2) of the Gambling Supervision Act 2010.

Notwithstanding the decision above, the Commission continues to liaise with partner agencies regarding aspects of Dalmine’s affairs.

The Commission will make no further public comment regarding this until matters are fully concluded.

The GSC is today publishing an update to its policy relating to the approval of new gaming or lottery systems as defined in Online Gambling (Systems Verification) (No 2) Regulations 2007 (the ‘products’) . 

With immediate effect the requirement for these products to receive prior approval from the GSC is removed and has been replaced with a prior notification requirement.  The circumstances that require the production of a test certificate to the GSC will remain unchanged however, Operators will no longer need to be in receipt of an approval from the GSC before launching the products.    Certificates will continue to be reviewed for compliance with the applicable standards in line with the Supervision programme.

Prior notification will require test certificates, along with the Operator’s updated test certificate master list, to now be sent to gscgeneralsupervision@gov.im.  Test certificate master lists will no longer refer to an approved start date and Operators should instead enter the date that the product was first offered.

Please direct any queries to your lead inspector in the first instance.

Following the outreach session on 12th June 2024, the Isle of Man Gambling Supervision Commission (GSC) announces that the revised enforcement-related policies will be effective and available on our website from today.  

The enforcement policies form part of the GSC’s collective regulatory framework. As the industry grows and evolves so too does the GSCs commitment to providing a modern framework that represents current regulatory practice amongst its peers.

These policies can be viewed here on the enforcement section of our website.

The GSC is open to receiving any further questions through GSCenforcement@gov.im

Businesses are being encouraged to work in collaboration with Government agencies to support the publication of an updated National Risk Assessment (NRA) for the Isle of Man.

Work is under way to collate and analyse information already held, as well as to gather the additional data and feedback required to identify threats to the Island in relation to money laundering (ML), terrorist financing (TF), and proliferation financing (PF).

The NRA, which is scheduled for publication early in 2025, is fundamental to protecting the Island from financial crime and is a crucial element of the Island’s commitment to meeting international standards.

The assessment looks in detail at current and emerging risks in relation to the Island’s financial and specified non-financial sectors, and the measures in place to mitigate those risks. The findings will inform national policies and help to focus resources where they are most needed.

A ‘ground up’ approach will be used to inform the updated NRA, with sector and topic-based assessments helping to build an overall picture of risk.

Outreach with businesses will be ramped up in the months ahead to enhance awareness and invite input from industry. Government’s AML Policy Office will coordinate sessions for relevant professional and industry bodies to explain how firms can support the process, and what they can expect in terms of data requests.

Engagement is already taking place with the Island’s banking sector, while a number of firms have responded to a questionnaire to provide PF data that will form a vital part of the forthcoming assessment.

Conducting an NRA is a requirement of the Financial Action Task Force (FATF), the body that sets international standards aimed at combatting ML, TF and PF. This will be the Isle of Man’s third NRA, building on the reports published in 2015 and 2020.

The maturity of the Island’s AML/CFT technical framework was demonstrated in the outcome of the 2016 MONEYVAL assessment. This rated the Isle of Man as compliant or largely compliant in 39 out of 40 FATF recommendations, which puts the Island among a select group of nations in the world.

Since 2016, the Island has strengthened its national response to ML, TF and PF risks, including significant investment in financial intelligence, criminal investigation, and asset recovery. Data collection has also improved through AML/CFT returns and financial flow information from deposit takers provided to the Financial Services Authority.

The latest NRA process is part of the continual monitoring of the AML/CFT regime and will enable the Island to stay alert to emerging trends and risks, as well as combatting existing threats.

Chief Minister Alfred Cannan MHK said: ‘As a leading international finance centre, the Isle of Man has a responsibility to identify the threats posed by money laundering, terrorist financing and proliferation financing. The National Risk Assessment is an important part of efforts to protect the integrity of our financial system and maintain the Island’s reputation as an excellent place to do business.’

He added: ‘Meeting international standards remains a priority for the Government and it is essential that everyone works together in the best interests of the Isle of Man. I would encourage businesses to support the process and engage positively with Government agencies in the year ahead.’

A provisional timetable setting out key milestones in the NRA process is available to view online.

This Press Release was originally issued by the Financial Services Authority on 12 June 2024. View the original article here

The Isle of Man Gambling Supervision Commission (GSC) outreach session regarding updates to enforcement-related policies took place on the morning of 12 June 2024. A presentation on these policies was provided to industry stakeholders and partner agencies.

The meeting opened with remarks from Mr Steve Brennan, Chief Executive of the GSC, who spoke on the history of the sector and the evolution of the industry over the years.

Mr Brennan noted that The Financial Task Force sets the international standard, through 40 recommendations, by which the GSC must continually abide. Subsequently, the GSC has adopted a modern framework that represents current regulatory practice amongst its peers. The effective compliance of the GSC and its operators directly impacts the reputation of the Isle of Man as a whole jurisdiction.

“As the gambling sector matures and grows so do our expectations for compliance.” he concluded.

Mrs Nicola Libreri, Director of AML/CFT Inspections & Enforcement, focused on the journey to enforcement. It was highlighted that enforcement could take place at any point, however, it would more likely be an outcome of inspection. Mrs Libreri spoke about the responsibility for compliance lying with the licence holder and the joint responsibility we have as stakeholders in maintaining the safety of the jurisdiction. She iterated the steps that are undertaken before enforcement measures are considered and stressed the importance of identification and remediation of any deficiencies, and two-way communication.

Mr Nigel Boyde, Senior Inspector of Enforcement, then provided an overview of the policies, noting, “This is evolution, not revolution.” The GSC will continue to provide regulation in a balanced, open and transparent manner. Mr Boyde highlighted that the enforcement team has a suite of policies at its disposal but will only use these powers when absolutely necessary. “Our information gathering and investigative powers remain effective even if a licence is surrendered,” Mr Boyde noted.

The policies will come into effect on 30th June 2024 and will be accessible on the enforcement area of the GSC’s website.

The GSC encourages those who did not attend to view the PDF presentation, which can be accessed via the link below and is open to receiving any further questions through gscenforcement@gov.im 

GSC Enforcement Strategy Presentation 

The Commission is aware of an ongoing criminal investigation into companies which are regulated by the Commission. The Commission, in fulfilment of its regulatory objectives, has taken the decision to suspend the following licenses, pending a regulatory review:

• King Gaming Ltd;

• Dalmine Ltd

The Commission continues to assist its partner agencies in this matter. As this matter is subject to an ongoing criminal investigation, the Commission is unable to offer any further comment at this time.

On 2 February 2024 the Isle of Man Gambling Supervision Commission (the “Commission”) issued a public statement regarding ‘Millionaire House Club’ advising that the Commission was investigating prima facie contraventions of Isle of Man gambling legislation by ‘Millionaire House Club’.

The Commission wishes to advise that it has now concluded its investigation and, having considered all of the circumstances, has determined the investigation should cease and that no further action is necessary to be taken at this time.

The Commission wishes to thank those members of the public that first alerted it to the activities of ‘Millionaire House Club’ and anyone who thereafter contacted it regarding its public statement. The Commission urges any person wishing to establish any form of gambling product in, on or from the Isle of Man to contact the Commission and to seek legal advice in advance of commencing the activity or circulating any promotional or other associated materials (in whatever format).

A list of gambling operators licensed by the Commission can be found on our website.

Any members of the general public who receive leaflets or similar which promote, or appear to promote, any gambling activity are encouraged to check the list of licensed gambling operators and/or contact the Commission.

Enquiries: any enquiries in relation to this public statement should be directed by e-mail to gscenforcement@gov.im

The Isle of Man Gambling Supervision Commission (the “Commission”) is the statutory body on the Isle of Man charged with amongst other things, the licensing, regulation and supervision of gambling activities.

The Commission has been made aware of the publication and distribution of leaflets by ‘Millionaire House Club’ to Isle of Man households as well as overt references to the Isle of Man on the website operated by ‘Millionaire House Club’.

‘Millionaire House Club’ is not licensed by the Commission to undertake the promotion of gambling activities in, on or from the Isle of Man. The Commission is currently investigating prima facie contraventions of Isle of Man gambling legislation by ‘Millionaire House Club’.

This public statement is issued in furtherance to the Commission’s regulatory objectives as set out in the Gambling Supervision Act 2010.

Enquiries: any enquiries in relation to this public statement should be directed by e-mail to gscenforcement@gov.im

Investment in technology and automation will further strengthen the Isle of Man’s compliance with international standards relating to anti-money laundering and countering the financing of terrorism (AML/CFT).

The IOM Financial Services Authority and IOM Gambling Supervision Commission are jointly rolling out a new data collection and risk assessment tool to support the AML/CFT supervision of Island firms.

STRIX AML has been developed in line with recommendations set by the Financial Action Task Force (FATF), the organisation that leads global efforts to tackle money laundering, and terrorist and proliferation financing.

The software solution enables supervisors to gain a deeper understanding of AML/CFT risk, and to focus their resources on the firms and sectors that pose the biggest threats.

The Authority and GSC have been collaborating with Austria-based software development firm Financial Transparency Solutions to implement STRIX, as part of work to enhance the effectiveness of their AML/CFT frameworks.

Benefits of the new system include the streamlining of data collection and analytics, greater automation of the risk assessment process, and the accurate identification of firms with an elevated ML/TF risk.

In addition to improving the efficiency and effectiveness of AML/CFT supervision, STRIX makes it easier for firms to provide the required data through a dedicated online portal.

The Authority and GSC will be conducting a programme of outreach and engagement with firms to support the smooth implementation of the technology.

Ros Lynch, the Authority’s Head of Innovation Strategy, said: ‘The use of STRIX supports our transition to a more data-led and risk-based approach to financial supervision. As well as boosting our overall effectiveness, this solution will enhance our interaction with Island firms and streamline the AML/CFT annual returns process.’

Helen Ault, Director AML/CFT & Enforcement at the GSC, added: ‘Compliance with AML/CFT international standards is crucial in terms of maintaining the Isle of Man’s reputation as an excellent place to do business. Joining forces with the Authority to adopt a common system makes a lot of sense and will support a consistent approach to AML/CFT data collection and risk assessment.’

Garrett Dunker, Director at Financial Transparency Solutions, said: ‘The automation provided by STRIX saves supervisory authorities time and resources, and makes complex risk analysis easier to handle. We have enjoyed working in partnership with the Financial Services Authority and Gambling Supervision Commission and are confident they will see immediate and longer-term benefits.’

To watch a recording of the presentation delivered by the Gambling Supervision Commission and the Financial Services Authority in November 2023.

Should you require further information or have any queries in relation to the STRIX tool please e-mail gscamlinspections@gov.im 

The Isle of Man Government has prepared a document that sets out its position in relation to a recent announcement regarding public beneficial ownership registers.