Amid growing money-laundering concerns in the Isle of Man, the owner of the SBOTOP online sportsbook, Celton Manx, has been handed a £3,937,500 [$5,374,300] penalty from the Isle of Man Gambling Supervision Commission.
The company lacked evidence of proper risk assessments, ongoing customer monitoring, enhanced due diligence, and sufficient identity verification procedures. The investigation also found that it lacked in handling suspicious activity, performing technology risk reviews and training staff.
The news comes in the midst of wider regulatory difficulties for some firms based on the island. Most notably, Isle of Man-based TGP Europe recently called a close to its UK operations, with all 15 of its operators having put up a notice in May this year.
https://cdcgaming.com/brief/isle-of-man-operator-handed-3-9m-penalty-amid-rising-aml-concerns/