The Isle of Man Gambling Supervision Commission (GSC) has issued a £140,000 fine to a former licensee for a range of failures.
The GSC found that CyberHorizon had not been fully meeting requirements in relation to regularly reviewing its customer risk assessment.
The company had not fully met requirements regarding a technology risk assessment being implemented prior to the company’s launch.
CyberHorizon also failed to fully meet requirements regarding “ceasing customer relationship after customers had not provided enhanced due diligence or had otherwise been found to not meet regulatory requirements,” the regulator added.
Finally, CyberHorizon “had not evidenced any process on how records will be retrieved following licence cessation,” the GSC said.
The £140,000 fine was reduced by 30 per cent from £200,000 after CyberHorizon admitted the failings and had sought to resolve matters “constructively and expeditiously.”
CyberHorizon was licensed by the GSC between March 5, 2021, and September 25, 2023.
In June 2023, the Commission conducted a supervisory investigation of the company which, based on a sample of files, found “prima facie contraventions” of the regulations.
These prompted the Commission to launch an investigation.
“The Commission, in regulating and supervising online gambling, will exercise its powers robustly if material risks to its regulatory objectives are identified in order to ensure that the Isle of Man retains its reputation as a responsible, and well regulated, jurisdiction,” the regulator concluded.
“Where businesses choose to adopt a higher risk model or take on higher risk clients, the Commission will require that such businesses can demonstrate the necessary degree of competence (including, experience, qualifications, resource capacity and track record) so as to be able to identify and mitigate associated risks.
“The Commission encourages any operator subject to a regulatory investigation to engage transparently, openly and urgently with it.
“The Commission has committed to engaging transparently in the exercise of its enforcement activities.”
