Gambling Sector Risk Mitigation Updated By Isle of Man
The Isle of Man is aiming to combat criminal activity from parts of Asia with the release of a new National Risk Appetite statement (NRAS) for the gambling industry.
Key Facts:
- IOM is hitting back at East and Southeast Asia criminal gangs
- Island is committed to maintaining a secure and robust economic environment
- Serious and organised transnational crime was described as being a global threat
- Gambling companies are being advised by the government on how to evaluate and manage risks
The NRAS aims to enhance the Isle of Man’s risk mitigation framework within the eGaming sector and other related industries.
A statement said East and Southeast Asia criminal gangs are becoming increasingly influential when it comes to the eGaming world. Their aim is to exploit casinos and eGaming platforms to make money.
The NRAS not only laws out the Isle of Man’s appetite towards risks identified, it also provides clear guidelines for businesses to evaluate and manage risks
It was noted how developing new and existing business relationships can be particularly dangerous in sectors linked to eGaming.
Global Threat
In a statement, the Isle of Man’s minister for justice and home affairs, Jane Poole-Wilson MHK, described serious and organised transnational crime as “a global threat”.
She said the Isle of Man is “committed to playing its part in disrupting this activity”.
The minister said: “The National Risk Appetite Statement is a crucial step in ensuring that our economy remains strong and diverse, while protecting our Island, its people, and its businesses from exploitation.”
“The Isle of Man is open for good quality, reputable business. To support those aims, this Statement will provide industry and wider stakeholders with the clarity they need.”
The NRAS was supported by a Typologies document that was prepared by the Financial Intelligence Unit.
Further NRAS Incoming
The Isle of Man’s government also noted how another NRAS is on the way this year.
Its statement pointed out the second NRAS will be “more comprehensive” and will be “incorporating the wider business community”.
No date has been revealed but this is scheduled for publication later in 2025.
The Isle of Man was previously highlighted as a potential hub for criminal infiltration by the United Nations Office on Drugs and Crime.
As a result, the island has faced increased scrutiny with the new NRAS, which is among the measures it is taking to protect companies.
The Isle of Man Treasury recently confirmed it has promoted Gregory Petts to the chairman of the Isle of Man Gambling Supervision Commission (GSC).
Petts previously had a long stint with The Stars Group, where he was its senior director of internal audits from 2006-2020, and steps up from being a Commissioner for the GSC.
