The gambling regulator has fined another online gaming operator over a series of compliance breaches.

SK IOM Limited was ordered to pay a discretionary civil penalty of £100,000 discounted by 30% to £70,000 as a settlement was agreed at an early stage.

The company, based at Hill Street in Douglas, surrendered its licence with the island’s Gambling Supervision Commission on July 2. It had held that licence since May 2018.

It also held a licence with the UK Gambling Commission since 2020. But a message on its betinvite.com website said it had ceased taking bets with immediate effect.

The £70,000 fine follows a regulatory inspection carried out in July last year, which identified contraventions of the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Code.

Among a range of issues accepted by SK IOM was that it could not demonstrate the recording, maintaining and operation of appropriate procedures and controls for monitoring and testing compliance with the AML/CFT legislation.

The GSC concluded it was reasonable and proportionate for SK IOM to pay a discretionary civil penalty.

In a statement, it said it was satisfied that imposing the civil penalty ‘appropriately reflects the level of the identified non-compliance’.

It added: ‘The Commission is assured that the directors of SK IOM acknowledge and accept there were contraventions of the mandatory provisions of the Code. It was noted that SK IOM engaged in settlement discussions promptly.’

The GSC said that SK IOM had taken steps to rectify the issues and engaged an independent third-party consultant to assist them.

A comprehensive remediation plan was agreed with the regulator. and SKIOM ‘has certified that all remediation was actioned and submitted within the timeframes agreed’, it added.

In December online gaming operator BMO Manx Limited was fined £700,000 over a raft of compliance breaches.