Anti‐Money Laundering

Licensees in the gambling sector in the Isle of Man are regulated entities.

This means that they must adhere to obligations placed upon them by law to combat money laundering and terrorist financing.

Collectively these requirements are known as anti-money laundering and countering the financing of terrorism controls (AML/CFT). The Isle of Man Gambling Supervision Commission is the regulator that supervises the Isle of Man gambling sector’s compliance in relation to these matters. The Commission also participates in national initiatives to continually assess the risk of money laundering and terrorist financing within the gambling sector as well as evaluation exercises, conducted by external teams of assessors, which check the Isle of Man’s national commitment and performance against international standards.

We assist operators with applying for gambling licenses, setting up company structures and providing operational support and advice in the leading international markets. We are the provider of choice for a range of gaming operators and software companies. This includes reviewing any existing anti-money laundering processes a business has in place, drafting new procedures and helping management teams roll out the changes and monitoring the impact of those changes.

As a core part of this service, we can provide highly trained and experienced officials as Money Laundering Reporting Officers (MLRO). This role ensures that any business can satisfy their regulatory obligations including the reviewing and maintenance of:

• Money laundering register
• Advertising and media register
• Law enforcement enquiries register
• Anti-bribery register
• Breaches and errors registers
• Training log
• Risk assessments

Depending on your organisational structure, we can provide this and other roles as an outsourced alternative staffing solution rather than recruiting directly yourself. This will give you peace of mind that, as an expert in the field we will ensure you have the right person for the right role, to suit your budgetary needs and resource requirements.

We provide practical result-driven solutions to our clients – whether you are looking for an alternative provider or setting up a new operation we are here to help.

Reference Material
Isle of Man Gambling Supervision Commission Guidance on the Gambling (Anti-Money Laundering and Countering the Financing of Terrorism) Act 2018

.

Talk to us today
If you need to talk to someone with regards to anti-money laundering or looking for legal counsel within the Gaming Sector, then take the first step and email [email protected] or call us on 01624 639350 to arrange your free initial consultation with us today over the telephone or video.

Back to Legal – Regulatory Matters