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Isle of Man – Key Updates

Results have been released from the Outreach Survey in GSC January AML/CFT Forum

An opportunity for GSC stakeholders to provide feedback to the GSC AML team, the GSC conduct a forum every 6 months to cover feedback, key topics, requirements and inspections data.

The January AML forum covers a range of key topics based on stakeholder feedback, including due diligence, suspicious activity reporting in the gambling sector, GSC outreach, and cybersecurity and ransomware.

In accordance with the forum, the GSC launched the Outreach Survey to invite feedback and a Q&A session from participants on various topics to provide insight into what they would like to see from the GSC.

Based on forum feedback, the GSC have implemented; –

• New channels of communication, such as webinars, video recordings, workshops, newsletters, etc.
• Drop-in sessions with GSC AML Staff
• Increased frequency of outreach surveys
• Webinars on GSC AML Inspections to help provide more detailed AML/CFT guidance
• SARs workshop to provide more detailed guidance on SARS, reg flags, suspicious activity, reporting and terrestrial licensees.

By engaging with the private sector and inviting feedback on its AML/CFT frameworks, it aids the GSC to support and communicate more effectively, and it provides the opportunity for stakeholders to request further information or guidance from the GSC in specific areas. Opening more channels of communication demonstrates the GSC’s commitment to supporting and educating industry stakeholders, which will only strengthen the AML/CFT in place across regulated sectors.

The Isle of Man Proceeds of Crime Act to be revised after a public consultation in March

The FSA is revising the Isle of Man Proceeds of Crime Act 2008, following a public consultation, to strengthen the Island’s protection against financial crime and to stay aligned with evolving international standards.

By the end of March, the public consultation will have gathered feedback across several key areas, including virtual assets, such as cryptocurrencies and digital assets, and confiscation orders, threshold exemptions, unexplained wealth orders and changes to the Anti-Money Laundering and Countering the Financing of Terrorism Code 2019 and the Gambling Code 2019.

There is also a proposed change for the creation of a positive obligation on individuals to report suspicions of money laundering to the Financial Intelligence Unit (FIU).

MONEYVAL confirmed to visit the Isle of Man next year

MONEYVAL, the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism, will conduct an on-site evaluation of the Isle of Man in October 2026.

The objective of MONEYVAL, which is the regional body of the Financial Action Task Force (FATF), is to assess the jurisdiction’s legislation, policies and procedures against international standards to ensure it aligns and remains in best practice to attract new business and investment.

The Isle of Man was ranked 39 out of the 40 FATF recommendations following its previous evaluation in 2016, a positive indicator of its strength of AML/CFT compliance in place.

The 2026 onsite evaluation is outlined to be a more rigorous process and will include the Isle of Man providing thorough evidence of its robust AML/CFT regime in alignment with international standards, in addition to the supervision and enforcement measures in place.

Global eGaming Regulation – Latest Trends

New Zealand set to launch eGaming Regulatory Framework

The New Zealand Government have announced a new law to licence online casinos by the end of 2025.

The country already has a buoyant gambling market, with a current estimated value of $500-900 million annually. The licensing system aims to enhance player confidence and expects to open the market to more opportunities.

The vetting and auction process will commence in February 2026, with the plan for Operators to begin trading in April. Operators can apply for a maximum of 15 licences, with one licence required per platform, brand or website.

Licences will be allocated by auction, requiring Operators to complete an entry assessment before initiating the bidding process. The entry criteria is expected to include assessments covering integrity, compliance, key persons and financial solvency.

Once granted a licence, providers are issued a 3-year period to operate with the right to renew for up to 5 years. The licence is expected to be a ‘medium cost’ and fees will be paid to the Regulator for the assessment and licensing process.

The proposed licensing regime does not cover sports betting or lottery products; however, licence holders will be able to offer virtual sports and race betting. The licensing regime does cover casino games, including poker, slot machines, live table games, instant games and daily games.

The Regulator will outline harm minimisation standards and has set out other strict criteria for providers to meet, which include submitting their advertising strategy, implementing a customer complaints function and an age verification system. Gambling is illegal in the country under 18; therefore, advertising will be checked to ensure it’s not appealing to children. Unlicenced operators will no longer be able to provide services in the jurisdiction.

The Regulator has outlined that it will review its proposed regulatory framework within the first three years to evaluate its effectiveness.

Ireland’s new Regulatory body, Gambling Regulatory Authority of Ireland, now operational

On 5^th March, Ireland introduced a new Regulator, the Gambling Regulatory Authority of Ireland (GRAI), for the newly regulated eGaming sector. The Regulator will oversee the Gambling Regulation Act 2024, which was passed in October 2024, and will be responsible for approving licences under the new regime.

The GRAI have appointed 7 staff members to the board, led by Paul Quinn, former CEO of the nation’s government procurement office. The new gambling legislation brings the legislation under one framework and has introduced new standards for Operators, aiming to strengthen the sector and reduce problematic gambling.

The GRAI will regulate all types of gambling, including in-person and online, except the National Lottery, and there are several types of licences available, including gambling licences, lottery licences, betting licences and gaming licences.

Any business that currently provides any gambling product will be required to relicense to operate and adhere to the new compliance procedures, and the Regulator has set various penalties for any business that breaches the regulation.

The Gambling Regulation Act aims to protect children and individuals with a gambling addiction. The Regulator has set stricter advertising guidelines for Operators, including specific times for TV and Radio advertisements to protect children and restrictions on social media, including opt-in marketing communications.

The jurisdiction’s overall aim with the new regulation is to uplift the current gaming sector to create a new era for Ireland in the sector. 2025 will be a fundamental year for the jurisdiction as the new regulation comes into effect.

LATAM countries are attempting to tighten online gaming controls

The LATAM gambling sector has experienced a surge in growth in recent years, with various countries introducing regulation or updating current frameworks to become a part of this booming industry.

Whilst the LATAM online gambling market is expected to quadruple by 2027, creating a positive economic impact for the region, there have been issues raised by several local governments about this rapid expansion.

Equating for over half of the LATAM region’s online gambling revenue, Brazil introduced a new regulatory framework in 2025 on fixed-odds sports betting. The new regulation places the country as an attractive location in the global regulated sector and has created a huge surge in demand in Operators seeking to target the jurisdiction.

Whilst this growth creates exciting opportunities, concerns have been raised regarding the societal impacts it could create. An increased risk of targeting vulnerable populations and anti-money laundering may be the consequences, leading regulatory bodies across the regions to introduce tighter controls to prioritise consumer protection and market integrity.

Brazil have introduced tighter measures to protect players, including deposit limits and advertising controls to protect the local market. Columbia has also attempted to tighten controls, including anti-money laundering measures, and has been reforming its regulatory framework since 2021. Peru is another prime example of creating a safer, more transparent online gambling sector since introducing regulation in 2022. Operators are subject to a 12% GGR tax, and the proceeds of which are directed toward public welfare programs to protect players and boost consumer confidence.

Whilst regulation is sporadic between the LATAM regions, it is clear that the region overall is making a huge shift towards a more well-regulated, robust industry. The next 5 years will be very interesting to see how regulation unfolds across the region and the impact it will have on its market’s reputation and player confidence.

Global Medicinal Cannabis Sector

Portugal expands its medicinal cannabis market with eight new licences

Recognised as the second largest exporter of cannabis in the world, Portugal’s Regulator, Infarmed, recently granted 4 new companies with licences to grow, import and export the product in the region.

There are currently 41 companies which hold a cannabis licence in Portugal, which include multiple licence types depending on the business activity. Licences available in the country include manufacturing, cultivation, export, import, trade and distribution.

The number of licensed cannabis companies is expected to significantly increase in the country in the coming years, as it has been noted that many, even up to 100, are awaiting confirmation to receive a licence. This covers all licence types, including 94 for the cultivation licence.

As Europe’s frontrunner, the future for Portugal’s cannabis sector is looking bright. With more than 20 tons exported in 2024, we expect this number to increase significantly as more and more companies obtain a licence.

Spanish Government expected to approve medicinal cannabis framework by summer of 2025.

Spain is expected to join the growing list of countries that have legalised cannabis for medicinal use. The Spanish Ministry of Health has submitted a Royal Decree to the Government, which is anticipated to be approved by summer this year.

Whilst the new legislation marks a historic step for the country, it has faced backlash from patients who already felt the legislation is long overdue and have criticized the proposed framework for lacking scope and limiting patient access.

The new regulation is centred around the “dispensation of standardised magistral preparations of cannabis for therapeutic purposes” which includes permitting the use of cannabis-based oils and two existing medications. Patients can access the products from hospital pharmacies by medical specialists, only to be available as a last resort treatment, however patients feel this restricts access and the scope of conditions approved to use the product is too limited.

The regulation excludes cannabis flowers and home cultivation; however, growing cannabis for personal use is permitted on the basis that it’s for personal consumption only and occurs within private property, out of public view. This has created a grey area in the market, and whilst the new regulation is a step toward recognising the plant as a legitimate treatment option, experts and patients feel there still needs to be work done to widen access to the market.

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As an experienced Corporate Service Provider in the regulated industry for over a decade, we understand the time, resources and specialist skills it takes to maintain a successful, compliant operation.

We launched Affinity Nav to provide clients with dedicated support with ongoing compliance procedures and evolving regulatory requirements.

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• Interactive online learning platform – Atlas
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