The network services operator had insufficient AML policies when it was licensed by the Commission.



Key points:

- The Isle of Man Gambling Commission found several AML/CFT failings in BMO Manx

- The initial £1m civil civil penalty has been reduced to £700,000

- BMO Manx is no longer licenced by the Commission

The Isle of Man Gambling Commission has finalised its investigation against BMO Manx and ordered a civil penalty of £1m ($1.26m), which has been subsequently lowered to £700,000.

BMO Manx, a network services company, was licensed by the Commission between 2021 and 2023, but this was not renewed.

The investigation uncovered multiple Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) failures.

These included, but were not limited to, not conducting Enhanced Due Diligence checks or even requiring them by company policy; diluting the Suspicious Activity Reporting chain across Peru and Malta; not implementing Business Risk Assessments; not undertaking a Technology Risk Assessment and not having any policies which included how soon a Money Laundering Reporting Officer (MLRO) should report knowledge of suspicion.

Good to know: The Commission does note that BMO and its senior staff complied with the investigation and agreed to the settlement early on

In the report, a spokesperson said: “The Commission, in regulating and supervising online gambling, will exercise its powers robustly if material risks to its regulatory objectives are identified in order to ensure that the Isle of Man retains its reputation as a responsible, and well regulated, jurisdiction.”

Over the summer, Egaming Integrity launched on the Isle of Man to support and enhance integrity on the island.

The company is currently working with several OGRA licence holders and local CSPs, offering customised compliance and regulatory advisory services.

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