The Gambling Supervision Commissioner has fined a company which failed to adhere to regulations.
Cyberhorizon Limited, which is no longer licensed by the GSC, was fined £140,000.
The company was licensed by the Commission between March 5 2021 and September 25 2023.
During an inspection, based on a sample of files, the GSC identified prima facie contraventions which led to it carrying out a fuller investigation, which was supported by the company’s directors.
It found that CyberHorizon had not been fully meeting requirements in relation to regularly reviewing its customer risk assessment and had not fully met requirements in relation to a technology risk assessment being implemented prior to launch of CyberHorizon.
The company had also not been fully meeting requirements in relation to ceasing customer relationship after customers had not provided enhanced due diligence or had otherwise been found to not meet regulatory requirements and had not evidenced any process on how records will be retrieved following licence cessation in contravention.
As this was accepted and given the cooperation of the directors, it was agreed to issue the company with the fine.
The GSC said: “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.”
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