GSC’s Regulatory Standards and Response

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Rutherford emphasized that the GSC operates in strict compliance with international anti-money laundering (AML) and countering the financing of terrorism (CFT) standards. He referenced a 2016 Moneyval evaluation that awarded the GSC high marks for its AML and CFT framework.

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"We disagree with the UNODC’s suggestion of lax controls,” said Rutherford. He highlighted key measures the GSC enforces, including:

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• - Entry Controls: A strict vetting process for license applicants
• - Ongoing Supervision: Routine oversight of all license holders to ensure compliance
• - Dedicated AML CFT Division: A specialized team focused on financial crime and emerging threats

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The King Gaming Case

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One recent case often cited in discussions of the Isle of Man’s regulatory rigor involved King Gaming. In April, the GSC revoked King Gaming’s license following an investigation and enforcement action. Rutherford addressed concerns about this case in October, noting that incidents like King Gaming’s are rare, as only one out of 250 licenses has encountered significant legal issues.

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“We closely monitor trends in financial crime and adapt our strategies to combat new laundering techniques,” he added, affirming the Commission’s proactive approach to regulation.

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Continued Confidence in Isle of Man’s Appeal

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Despite the criticism, Rutherford confirmed that license applications to operate in the Isle of Man have remained consistent. He concluded, “Our zero-tolerance approach toward financial crime and our strong regulatory framework continue to make the Isle of Man an attractive, reputable jurisdiction for gaming operators worldwide.”

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