GSC published a money laundering risk assessment

The Isle of Man Gambling Supervision Commission (GSC) has shared its assessment regarding anti-money laundering.

The assessment is contained in a comprehensive report that highlights key findings and recommendations.

According to the report, the entire online gambling sector is considered medium-high risk due to its international customer base and high transaction volume. In contrast, physical casinos are said to carry medium-low risk due to their small scale and local customer profile.

Key findings include:

- Criminal organizations, particularly groups originating from East and Southeast Asia, can use online gambling platforms for money laundering and other illegal activities.

- The risk arises from gambling businesses or B2B service providers being controlled through front companies and complex ownership structures.

- Fake or stolen identities, synthetic identities, and other fraudulent methods increase the risks.

- Among the new threats are advanced technologies such as artificial intelligence, deepfakes, virtual assets, and “turnkey” solutions that enable rapid deployment.

The assessments conclude that while legislation and oversight are not weak, risks are highlighted due to the nature of the sector. License holders are urged to strengthen their risk management, while the goal is to ensure the secure environment is robustly and reliably protected through cooperation between the government and regulators.

We can say that this recommendation-based assessment addresses the same risk groups for all nations. We would like to emphasize that, especially with the advancement of AI technology, control mechanisms must be updated rapidly and users must take more serious measures against identity fraud.

As users, it is worth reiterating the importance of checking that the platforms used for transactions have a valid license.