Isle of Man Regulator Responds to UN’s Laxity Accusations

Isle of Man’s Gambling Supervision Commission (GSC) has responded to a UN report that accused it of relaxed licensing practices. While the report suggested that the commission has allowed Asian criminals to exploit the licensing system for cyber fraud, the GSC said that its team remains vigilant.

The GSC Refuted the Laxity Claims  

Mark Rutherford, the commission’s deputy chief executive, admitted that he was disappointed by the claims outlined in the UN report. He defended the local regulatory system and insisted that it corresponds to international standards.

In an interview with local media outlet Isle of Man Today, Rutherford firmly denied that the GSC is complacent when it comes to AML processes. He emphasized that the regulatory team is underpinned by experienced staff that carefully assesses foreign operators’ license applications.

The GSC CEO further added that his team is vigilantly monitoring existing licenses for possible violations and is responding to threats when needed. He cited the recent suspension of King Gaming, which followed detected irregularities.

However, Rutherford admitted that AML monitoring is a constant process because criminals are always devising new ways to commit fraud.

Rutherford Wants People to Trust the GSC

The UN report suggested that the GSC’s controls were insufficient, contrary to earlier ratings by other bodies. Several years ago, for example, Moneyval gave the GSC a high AML and CFT score, highlighting the authority’s robust regulatory capabilities.

Rutherford promised his team would maintain the highest possible standards and closely follow the market’s development. He added that GSC members are engaging in industry forums to learn of the new money laundering approaches fraudsters have developed and counter them.

We are not complacent: we monitor typologies that arise in other countries and screen our licensees for those typologies.

Mark Rutherford, deputy CEO, GSC

Rutherford concluded that his team has a zero-tolerance policy when it comes to financial crime and emphasized that his team remains committed to ensuring its licensing system is unaffected by criminal influence. Because of that, the GSC is also buys ensuring that it has the regulatory powers needed to counteract online fraud.

In other news, the Isle of Man regulator just intervened to stop some 2,972 underage players from gambling.