The Isle of Man Gambling Supervision Commission (GSC) has issued a £200,000 fine to Shelgeyr Limited following a regulatory investigation that uncovered serious breaches of anti-money laundering (AML) and counter-terrorist financing (CFT) rules.
While the Commission noted that Shelgeyr admitted the issues and cooperated during the process, the penalty reflects the gravity of the failures.
The investigation followed an extensive AML inspection that revealed multiple breaches of the 2019 Code. Notably, Shelgeyr allowed accounts to remain active without enhanced due diligence, failed to verify sources of wealth, and permitted anonymous accounts to operate.
Training gaps were also prominent, with staff not receiving updated AMLinstruction for over a year.
The GSC concluded that the company’s compliance and reporting officers lacked sufficient expertise:
“The company could not evidence that key staff had undertaken sufficient aml/cft training, and up to date training containing details of new developments had not been refreshed for all staff in over 12 months, in contravention of paragraphs 27 of the code.”
Furthermore, risk assessments were found to be incomplete, failing to account for the dangers of accepting crypto-asset payments or the specific jurisdictions where business was conducted.
Although Shelgeyr Limited surrendered its license in 2024, the Commission emphasized that the fine serves as a warning to the industry that weak governance will not be tolerated.
