SK IOM handed penalty following regulatory inspection
An online gaming company has been required to pay a discretionary civil penalty of £100,000 by the Gaming Supervision Commission for contraventions of gambling laws.
The penalty followed a regulatory inspection of the SK IOM which identified a number of contraventions of the code.
However, due to the company's co-operation with the GSC and its comprehensive remediation measures the civil penalty was reduced by 30 percent to £70,000.
The move by the GSC followed a supervisory inspection in July last year.
It identified that the company did not ensure a compliance officer had seniority, expertise, competency or sufficient time and resources to properly discharge the responsibilities of the position.
SK IOM also failed to demonstrate the recording, maintaining and operation of appropriate procedures and controls for monitoring and testing compliance with the legislation.
Nor did the company demonstrate that it undertook relevant annual reports to demonstrate compliance with the code.
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