The Gambling Supervision Commission (GSC) has imposed a £200,000 fine on former online gambling operator Shelgeyr.
Shelgeyr, which held a licence from November 2018 until surrendering it in July 2024, was found to have breached multiple parts of the Anti-Money Laundering and Countering the Financing of Terrorism Code.
A regulatory investigation identified a wide range of contraventions.
These included failures to properly establish customers’ source of wealth, insufficient checks on politically exposed persons, and allowing accounts to operate without adequate due diligence.
The operator also could not demonstrate that key staff had received sufficient AML training.
The £200,000 figure is net of a discount applied because Shelgeyr admitted the failures and fully co-operated with the investigation.