Compliance Updates
Isle of Man Government Publishes Terrorist Financing National Risk Assessment
The Isle of Man Government has published its first standalone Terrorist Financing (TF) National Risk Assessment (NRA), which is a significant step in strengthening the Island’s defences against terrorist financing and reinforces its commitment to international standards.
The TF NRA builds upon the findings of the 2015 and 2020 Money Laundering and Terrorist Financing NRAs and provides a focused analysis of the TF risks relevant to the Isle of Man as an international financial centre (IFC). It is a key component of the Island’s broader strategy to meet the Financial Action Task Force (FATF) recommendations on anti-money laundering, countering the financing of terrorism and countering the financing of proliferation (AML/CFT/CPF).
The assessment, which began in April 2024, involved contributions from 48 local experts, industry representatives, and international partners including the UK Home Office and the World Bank.
It concludes that the Isle of Man faces a medium-low overall risk of being used as a conduit for terrorist financing, with the highest risk identified in the area of transit TF — the potential for funds to pass through the Island’s financial system en route to other jurisdictions. Whilst it is notable that the overall rating remains the same as the last TF NRA, conducted in 2020, this report provides further assurance of that rating by the use of more detailed data, information and analysis.
The FATF is an inter-governmental body that sets standards and promotes effective measures for combating money laundering, terrorist financing and other related threats to the international financial system.
The FATF-style regional body for the Isle of Man is MONEYVAL, the Council of Europe Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism, based in Strasbourg, France.
The Isle of Man’s efforts in combatting financial crime will be subject to an evaluation by MONEYVAL in October next year.
The Island’s main priority is to prevent, detect and disrupt criminal activity on an international scale. If the island cannot demonstrate that it meets the standards expected, the jurisdiction could referred to the “grey-listing” process. This outcome would have a significant negative impact on the economy and damage the international reputation and the ability to do business.
Jane Poole-Wilson MHK, Minister for Justice and Home Affairs, said: “This assessment is a vital tool in our ongoing efforts to protect the Isle of Man’s financial system and uphold our international obligations. It reflects the depth of collaboration across government, regulators, and industry, and highlights both our strengths and the areas where we must continue to build capacity and awareness. We are committed to ensuring that the Island remains a secure and responsible jurisdiction.”
The publication of the TF NRA will be supported by outreach to industry to help stakeholders understand and apply the key findings. A separate NRA focused on Non-Profit Organisations (NPOs) TF is also in development and will be presented for approval in due course.
The post Isle of Man Government Publishes Terrorist Financing National Risk Assessment appeared first on European Gaming Industry News.
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The Gambling Regulatory Authority (GRA) has renewed the licence of Singapore Pools (Private) Limited (Singapore Pools) to conduct betting operations, gaming and lotteries under Section 54 of the Gambling Control Act 2022 (GCA). The tenure for the licence will be five years with effect from 25 October 2025, following GRA’s assessment that Singapore Pools has fulfilled the requirements under Section 54 the GCA.
The post GRA Renews Singapore Pools Licence for Five-year Term appeared first on European Gaming Industry News.
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An official complaint has been filed by the European Gambling and Amusement Federation (Euromat) with the European Commission regarding Croatia’s amendments of its Gambling Act.
Under Directive (EU) 2015/1535, member countries are obliged to notify any changes to its Gambling Act through the Technical Regulation Information System (TRIS). According to Euromat, the Croatian government failed to do this when introducing “far-reaching” technical rules affecting access and provision of services on the Croatian gambling market.
Failure to notify constitutes a breach of EU law.
These changes include mandatory player identification systems, strict limitations on the location and layout of gambling venues, a comprehensive ban on online and social-media advertising, temporal restrictions on operation and a central player self-exclusion register.
“This complaint marks an important first step in the EU’s legal process. Complaints such as that filed by Euromat are a key tool to alert the Commission to potential breaches of EU law. Based on Euromat’s complaint, the European Commission will be able to assess the evidence and decide on the next steps, including whether to open infringement proceedings against Croatia,” said Euromat president Jason Frost.
“The notification procedure exists to ensure that national measures are compatible with the principles of the single market. Croatia’s decision to ignore this obligation not only breaches EU law; it also threatens legal certainty for businesses across Europe. The Commission must act decisively to uphold the integrity of the internal market.”
The post Euromat Files Complaint Over Croatia’s Gambling Act Amendment appeared first on European Gaming Industry News.
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The Netherlands Gambling Authority (KSA) has announced the plans to offer the option of applying for a limited operating license that only permits the operation of skill-based machines. This will make it easier for operators who only operate skill-based machines to apply for a license.
Request from the market
With this limited operating license, the KSA is meeting a need in the gaming machine market. Operators with only skill-based machines have indicated they would like a separate license, separate from the offering of gaming machines. This limited operating license can have a shorter substantive review process and therefore be issued more quickly.
Various slot machines
At the moment, there is only one type of operating license for gaming machines, which applies to gaming machines in halls and catering establishments and skill machines.
A skill machine is a slot machine:
Which does not award prizes except for extra or longer games; and
Where the course of the game depends entirely or almost entirely on the skill of the player.
A classic example of a skill machine is a pinball machine, where players can win extra balls. Any slot machine that isn’t a skill machine is automatically a chance machine.
More information about the permit application
The Royal Netherlands Gambling Authority (KSA) will soon provide more information about the application procedure for the limited operating license for skill machines.
The post KSA to Introduce New Licences for Skill-based Gaming Machines appeared first on European Gaming Industry News.
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