A Douglas based e-gaming company has been hit with a £700,000 fine by the Gambling Supervision Commission.
The GSC inspected BMO Manx last May and discovered 21 breaches of the Gambling (Anti-Money Laundering and Countering the Financing of Terrorism) Code 2019.
BMO was licenced by the Commission between August 5 2021 and August 18 2023.
An Inspection, based on a sample of files in May 2023, identified prima facie contraventions of the Code which caused the GSC to consider that it was reasonable, necessary and proportionate in all the circumstances to commence a regulatory investigation.
As well as due diligence issues, the company didn’t record and maintain procedures and controls for the purpose of identifying politically exposed persons, amongst other issues.
The GSC had imposed a £1 million civil penalty, but reduced this to £700,000 because of BMO’s cooperation with its investigation.
It said: “The Commission is satisfied that the imposition of the civil penalty on BMO reflects the serious nature of the non-compliance and issues identified in relation to BMO.
“It was further noted that BMO acknowledged the serious shortcomings in its operational arrangements at an early stage of the commission’s investigation and there upon had entered into settlement discussions with the commission and sought to resolve matters constructively and expeditiously.”
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