Regulator imposes £1 million penalty on egaming company

An egaming operator has been hit with a £1 million penalty by the Island's regulator.

The Gambling Supervision Commission says it inspected BMO Manx - which has its registered offices in Peveril Square in Douglas - last May and found a number of failings in its anti-money laundering regime.

The GSC says it wasn't carrying out proper due diligence checks, had problems proving its customers' identities and hadn't handed over information to the Financial Intelligence Unit as required.

It imposed a £1 million civil penalty, reduced to £700,000 because of the firm's cooperation.