27th February 2022, 21:13
Published by GBC News
The gambling Commissioner has agreed a regulatory settlement with Onisac Ltd (part of the Mansion Group) for £850,000 which will be paid into the Consolidated Fund.
The settlement is in respect of anti money laundering deficiencies in relation to non -EU/ non- UK customers where significant control failings were identified.
In a statement, the Government's Gambling Division says an aggravating feature was a failure by previous senior management to respond adequately to regulatory advice or deliver on an agreed action plan.
It adds the settlement was agreed on because the current management have been fully co-operative.
The Gambling Division says there's a clear commitment to improve compliance controls and remedy deficiencies, as well as improve social responsibility controls across the business.
It believes the public interest is best served by both this settlement and the statement to remind the gambling sector of the importance of compliance.
Onisac Ltd continues to hold a licence in Gibraltar and no further action is anticipated.
Following reviews and site visits by the Gambling Division the wider industry has been found to be broadly compliant with expected standards.