Betsson’s subsidiary, BMO Manx Limited, received a penalty of £700,000. This was a discounted penalty for a series of compliance breaches in the Isle of Man. The fine stems from violations related to anti-money laundering and counter-terrorism financing regulations. The breaches were related to BMO’s failure to conduct enhanced due diligence on customers deemed to be at risk. This was required by the Anti-Money Laundering and Countering the Financing of Terrorism Act.
The Gambling Supervision Commission (GSC) imposed the penalty after Betsson reached an early-stage settlement. In addition to the £700,000 fine, BMO Manx had been under scrutiny for its inability to meet required regulatory standards. The GSC issued the online gambling license in November 2021. The company voluntarily surrendered it in August of the previous year. This action followed an inspection report that identified several shortcomings in the company’s compliance processes.
Betsson first indicated the potential for a fine in its third-quarter results, revealing ongoing discussions with the GSC. The talks aimed to resolve issues raised in the inspection report, focusing on BMO’s adherence to anti-money laundering regulations and proper customer vetting. This settlement process, though involving a significant fine, allowed for the resolution of the issues without additional regulatory or legal actions.
The settlement marks a crucial step for Betsson and its subsidiary in demonstrating their commitment to regulatory compliance. As gambling regulations continue to evolve, Betsson will likely take additional measures to ensure that BMO Manx, and its other subsidiaries, comply with all legal requirements moving forward, avoiding future penalties or license issues.
