IoM Gambling Regulator Welcomes New AML/CTF Powers
by Jason Gorringe, Lowtax.net, London
01 February, 2018
The Isle of Man Gambling Supervision Commission has welcomed two new laws giving it enhanced anti-money laundering and countering the financing of terrorism (AML/CTF) powers.
The new Casino Amendment Act 2018 allows the Commission to revoke a casino's license in cases of non-compliance with AML/CTF legislation. It also permits the Commission to vary a casino license, including the premises to which a casino license relates, and the amenities provided at such premises. In addition, the new law gives the island's government additional discretion in relation to the deposit a casino must pay to the Isle of Man Treasury under the Casino Act 1986.
The new Gambling (Anti-Money Laundering and Countering the Financing of Terrorism) Act 2018 gives the Commission enhanced powers to ensure the gambling sector's compliance with AML/CTF laws, including the power to require information returns, conduct on-site inspections and investigations, impose license restrictions, and sanction non-compliance.
Both laws came into effect on January 16, 2018.
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