Casino operator and management company for gambling sites Onisac Ltd must pay £850,000 ($1.13 million) as a result of a regulatory settlement reached with the Gambling Division in Gibraltar. The regulatory settlement came as a result of a series of anti-money laundering (AML) issues. After paying the settlement amount, the regular will not consider any further action against the group.
Onisac Failed to Meet the Regulator’s AML Standards
Onisac Ltd powers a series of important online gaming operators and casino brands, including Mansion Group, Casino.com, and SlotsHeaven.com, all licensed by the Gambling Commission of Great Britain and the Gambling Division in Gibraltar. In October 2021, Mansion Group announced the launch of its operations on the Spanish market using the MansionCasino brand.
Onisac recorded a number of problems related to its non-UK and non-EU customers, with emphasis on the requirements concerning the AML internal controls that failed to meet the standards of Gibraltar’s government. In 2020, the Gambling Division offered advice concerning the same types of AML controls breaches to the operators in the industry.
However, the subsidiary’s former managers did not respond adequately to the advice, failing to follow the action plan recommended by the Gambling Division and thus creating an aggravating factor. Onisac acknowledged the fact that its internal controls related to a number of accounts failed to comply with the regulator’s standards. The discoveries were made during a previous on-site assessment by the Gambling Division.
New Managers, New Promises
Onisac’s new managers cooperated well with the regulator during a new on-site visit, agreeing to the settlement while committing to fix the operator’s AML breaches and improve its compliance controls. The operator agreed to a series of additional improvement arrangements regarding social responsibility, reviews from a third party, and a longer surveillance period. The settlement money will reach the Consolidated Fund in Gibraltar. The amount also took into consideration the payments made to expert advisers on the case, extra management costs, and time.
The Gambling Division stated the wider industry had been subject to continuous reviewing and frequent on-site assessment visits, with reassuring results regarding standard compliance. In 2020, the regulator collected £2.5 million ($3.33 million) from business to consumer operators that did not comply with its AML standards.