CyberHorizon fined £140,000 by Gambling Commission for AML breaches
Date: 2024-10-07 Author: Leon Pierce Categories: EVENTS
In October 2024, CyberHorizon was fined £140,000 ($184,000) for non-compliance with anti-money laundering (AML) and counter-terrorist financing (CTF) regulations. The Isle of Man Gambling Commission (GSC) initiated an investigation in June 2023 and found a number of breaches by the company. CyberHorizon left the Isle of Man jurisdiction in September 2023 and has since been no longer licensed in the region.
The investigation found that the company had failed to carry out adequate customer risk checks, failed to implement technology risk assessments, failed to terminate relationships with customers who did not provide sufficient documentation for verification, and failed to indicate how access to data would be ensured after the end of the licence.
In a formal statement, the Commission highlighted the seriousness of the breaches identified: “The Commission concluded that the fine imposed reflects the seriousness of the breaches identified. CyberHorizon’s management acknowledged the shortcomings in its compliance with the mandatory rules and expressed its willingness to cooperate in order to resolve the situation promptly.”
It is important to note that the fine was initially £200,000, but was reduced by 30% due to CyberHorizon’s prompt engagement with the regulator and willingness to cooperate.
