The Isle of Man is pondering fresh regulations to be able to punish individuals in the gambling business by way of financial penalties instead of solely the company being punished.
Under the suggested reform, Company Directors, compliance personnel and senior management could be held liable to be punished via financial penalties for violating AML and KYC requirements in particular instances where they acted negligently or intentionally.
The proposed initiative from the Isle of Man Gambling Supervision Commission represents greater individual accountability for gambling industry executives. The proposal is part of an ongoing fear of money laundering and money laundering risks, which are currently classified as “medium high,” and comes on the heels of recent enforcement actions which include a £200,000 penalty imposed on Shelgeyr for non-compliance.
The structure of the proposed framework also seeks to complement the existing penalties imposed against gambling companies by providing to regulators additional tools to actively address systemic compliance deficiencies within gambling businesses. Public comment regarding these proposed changes will be collected until May 25, after which time Isle of Man officials will determine their final course of action moving forward.
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