AML systems could be improved, and concerns regarding staff losses
The Isle of Man Gambling Supervision Commission submitted its annual report to the Tynwald (parliament) this week, noting that anti-money laundering systems could be improved, and raising concerns regarding staff resignations during the year.
The IOM Today newspaper reports that the Commission’s review revealed that out of 40 visits by the regulator to gambling operators, only 15 were fully compliant with anti-money laundering and counter-terrorism financing legislation.
Deficiencies identified included the application of a risk-based approach; due diligence; staff vetting and training, and on-going monitoring and record-keeping.
Inspection visits to the casino and bookmakers are carried out on a scheduled basis, and each e-gaming operator is subject to a full stand-alone inspection for compliance with Isle of Man regulations..
During 2016 there were nine general compliance visits to licensed betting offices, 11 to the land casino and 25 to online gaming companies, the report showed.
The regulator also used the annual report to flag worries regarding staff losses, noting that retaining staff was a area of deep concern due to employees leaving to join gambling companies. This resulted in the loss of knowledge and created organisational issues in managing departures and the additional load that these placed on the remaining employees.
To counter remedy the situation the Commission has started a review of its employment practices and strategy with a view to strengthening the organisations ability to retain staff.