Mark Rutherford, acting chief of the Isle of Man’s Gambling Supervision Commission (GSC), recently addressed the UN’s concerns over the island’s gambling regulations following a report suggesting that “relaxed” licensing practices may have allowed Asian crime syndicates to exploit the jurisdiction for cyberfraud.
Expressing disappointment at these claims, Rutherford defended the GSC’s framework, asserting its compliance with international standards. He emphasized the GSC’s commitment to combating financial crime, noting the agency’s strengthened anti-money laundering (AML) processes and its expanded supervisory division, staffed with skilled personnel. The GSC, he explained, conducts rigorous entry assessments for license applications and closely monitors licensees to swiftly address evolving criminal trends.
Rutherford cited the April suspension and revocation of King Gaming’s license due to alleged irregularities as an example of their vigilant stance. While this incident did not deter license applications overall, he highlighted it as a reminder of the need for ongoing diligence. Criminals will continually find new ways to launder money,” he said, adding that the GSC is dedicated to intercepting and halting these tactics.
The GSC’s AML practices were rated highly by Moneyval in a 2016 review, yet the recent UN assertions prompted Rutherford to highlight the agency’s recent steps, including the establishment of a dedicated AML division. In response to skepticism, Rutherford mentioned the GSC’s involvement in both local and global forums to stay ahead of criminal threats and protect the integrity of its licenses. “The GSC is committed to upholding its standards and reputation, which have been built over many years,” he said.
With a zero-tolerance stance on financial crime, the GSC is also implementing new protocols to further secure its licensing processes and adapt to emerging threats. Rutherford stressed that maintaining a criminal-free licensing environment is their top priority, with additional regulatory powers pursued as needed.
Through these measures, Rutherford aims to reaffirm confidence in the Isle of Man’s regulatory robustness and its commitment to keeping licensees compliant, transparent, and aligned with international expectations.
Expressing disappointment at these claims, Rutherford defended the GSC’s framework, asserting its compliance with international standards. He emphasized the GSC’s commitment to combating financial crime, noting the agency’s strengthened anti-money laundering (AML) processes and its expanded supervisory division, staffed with skilled personnel. The GSC, he explained, conducts rigorous entry assessments for license applications and closely monitors licensees to swiftly address evolving criminal trends.
Rutherford cited the April suspension and revocation of King Gaming’s license due to alleged irregularities as an example of their vigilant stance. While this incident did not deter license applications overall, he highlighted it as a reminder of the need for ongoing diligence. Criminals will continually find new ways to launder money,” he said, adding that the GSC is dedicated to intercepting and halting these tactics.
The GSC’s AML practices were rated highly by Moneyval in a 2016 review, yet the recent UN assertions prompted Rutherford to highlight the agency’s recent steps, including the establishment of a dedicated AML division. In response to skepticism, Rutherford mentioned the GSC’s involvement in both local and global forums to stay ahead of criminal threats and protect the integrity of its licenses. “The GSC is committed to upholding its standards and reputation, which have been built over many years,” he said.
With a zero-tolerance stance on financial crime, the GSC is also implementing new protocols to further secure its licensing processes and adapt to emerging threats. Rutherford stressed that maintaining a criminal-free licensing environment is their top priority, with additional regulatory powers pursued as needed.
Through these measures, Rutherford aims to reaffirm confidence in the Isle of Man’s regulatory robustness and its commitment to keeping licensees compliant, transparent, and aligned with international expectations.
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