manxkinho Posted September 8 Share Posted September 8 (edited) 9 hours ago, Sceptic said: E-gaming is clearly “too big to fail” here. They all seem to have some sort of diplomatic immunity for feeding governments aspirations while the legacy IOM finance sector is the only part being named and shamed and pulled apart. I think it’s too early to say what will happen. Once we know what charges will be laid, that’ll be a different story. Rumours doing the rounds that all directors of king / associated have been named formally as under investigation, but not entirely sure who or how true it is. I’d imagine that it takes a lot of time to get evidence all secured (esp. digitally) before charges can be brought, especially for a case as serious as this. Maybe some people think that the King gaming thing will just go away - I sincerely doubt it! Edited September 8 by manxkinho Quote Link to comment Share on other sites More sharing options...
The Phantom Posted September 9 Share Posted September 9 On 9/7/2024 at 5:42 PM, Sceptic said: The CSP sector is viewed as legacy IOM revenue. It’s just being beaten up and managed down by the FSA regardless of the limited systematic risk it poses. Ain't that the truth. What they appear to not realise or appreciate, is that the CSP sector is the gateway to the IOM for business. It was the CSPs that drove the creation of the whole finance sector here initially and then has constantly evolved to create the splinters that formed things like the E-Gaming sector. Any new sectors that come and set up here like Fintech, Digital Assets or the AI Biosphere(!) will also likely be initially set up and incubated by the CSPs. 2 1 Quote Link to comment Share on other sites More sharing options...
reptar Posted September 9 Share Posted September 9 28 minutes ago, The Phantom said: Ain't that the truth. What they appear to not realise or appreciate, is that the CSP sector is the gateway to the IOM for business. It was the CSPs that drove the creation of the whole finance sector here initially and then has constantly evolved to create the splinters that formed things like the E-Gaming sector. Any new sectors that come and set up here like Fintech, Digital Assets or the AI Biosphere(!) will also likely be initially set up and incubated by the CSPs. This is absolutely correct, sometimes a 'like' just isn't enough and a post is deserved.👏 1 2 Quote Link to comment Share on other sites More sharing options...
Sceptic Posted September 9 Author Share Posted September 9 4 hours ago, The Phantom said: Ain't that the truth. What they appear to not realise or appreciate, is that the CSP sector is the gateway to the IOM for business. It was the CSPs that drove the creation of the whole finance sector here initially and then has constantly evolved to create the splinters that formed things like the E-Gaming sector. 100% they will never understand this. Almost every e-gaming entity brought in here was originally brought in via a CSP connection yet it seems they get a free pass and the CSPs are just treated as dead wood to be culled, fined, shamed or paraded around as examples to international agencies. But it’s the gaming companies like King who are destroying our international reputation and get the walk away with no collateral damage. 1 1 Quote Link to comment Share on other sites More sharing options...
Gladys Posted September 9 Share Posted September 9 Just now, Sceptic said: 100% they will never understand this. Almost every e-gaming entity brought in here was originally brought in via a CSP connection yet it seems they get a free pass and the CSPs are just treated as dead wood to be culled, fined, shamed or paraded around as examples to international agencies. But it’s the gaming companies like King who are destroying our international reputation and get the walk away with no collateral damage. They haven't walked away.......yet. Quote Link to comment Share on other sites More sharing options...
doc.fixit Posted September 9 Share Posted September 9 26 minutes ago, Gladys said: They haven't walked away.......yet. I believe most of the workers have left the island? Quote Link to comment Share on other sites More sharing options...
Sceptic Posted September 9 Author Share Posted September 9 25 minutes ago, Gladys said: They haven't walked away.......yet. Rest assured if anyone gets fined or struck off, which is unlikely anyway, just like the list on the FSA website, there will be no Chinese names on there. It will be some poor local who will be getting it in the neck and having their career publicly destroyed. 1 1 1 Quote Link to comment Share on other sites More sharing options...
Gladys Posted September 9 Share Posted September 9 4 hours ago, doc.fixit said: I believe most of the workers have left the island? The workers aren't, necessarily, the baddies. 1 Quote Link to comment Share on other sites More sharing options...
Alanbellend Posted September 10 Share Posted September 10 On 9/9/2024 at 12:18 AM, manxkinho said: Rumours doing the rounds that all directors of king / associated have been named formally as under investigation, but not entirely sure who or how true it is. Any wider rumours? There appears to be more than a few people claiming that up to three people in government are also assisting the police with their enquiries or are potentially on bail. 1 Quote Link to comment Share on other sites More sharing options...
The Phantom Posted September 11 Share Posted September 11 On 9/8/2024 at 11:18 PM, manxkinho said: Maybe some people think that the King gaming thing will just go away - I sincerely doubt it! I think there is a reasonable chance it will or the fallout will be indirect. These scams get set up and busted all the time all over the world. It doesn't (at the moment) seem to have been a massive amount of money and the victims were in China. 2 Quote Link to comment Share on other sites More sharing options...
Alanbellend Posted Friday at 08:34 PM Share Posted Friday at 08:34 PM (edited) You might be right. For some reason 3Fm removed this report from its feed this afternoon. Locals again getting considerably fined (£120K) not Chinese scammers. https://www.iomfsa.im/fsa-news/2024/sep/public-statement-concerning-the-imposition-of-a-civil-penalty-under-the-anti-money-laundering-countering-the-financing-of-terrorism-civil-penalties-regulations-2019-in-respect-of-capital-international-limited-cil/ Edited Friday at 08:36 PM by Alanbellend Quote Link to comment Share on other sites More sharing options...
The Phantom Posted Saturday at 08:23 AM Share Posted Saturday at 08:23 AM 11 hours ago, Alanbellend said: You might be right. For some reason 3Fm removed this report from its feed this afternoon. Locals again getting considerably fined (£120K) not Chinese scammers. https://www.iomfsa.im/fsa-news/2024/sep/public-statement-concerning-the-imposition-of-a-civil-penalty-under-the-anti-money-laundering-countering-the-financing-of-terrorism-civil-penalties-regulations-2019-in-respect-of-capital-international-limited-cil/ Box ticking omission and yet the real criminals.... 2 Quote Link to comment Share on other sites More sharing options...
Sceptic Posted Saturday at 04:37 PM Author Share Posted Saturday at 04:37 PM 19 hours ago, Alanbellend said: You might be right. For some reason 3Fm removed this report from its feed this afternoon. Locals again getting considerably fined (£120K) not Chinese scammers. https://www.iomfsa.im/fsa-news/2024/sep/public-statement-concerning-the-imposition-of-a-civil-penalty-under-the-anti-money-laundering-countering-the-financing-of-terrorism-civil-penalties-regulations-2019-in-respect-of-capital-international-limited-cil/ An absolutely perfect example. Fined £120,000 (reduced from £170,000) for some relatively minor procedural matters. While a load of Chinese fraudsters destroy the IOMs global reputation and the GSC do absolutely bugger all. Who would want to be a local person associated with a local financial services business when they are clearly just targets for naming, shaming and fining as they are viewed as legacy Isle of Man collateral damage to make the regulators look good. Three years ago Capital International were the poster boys for the FSAs alternative banking licensing that nobody else was interested in. They invested heavily despite it taking them almost three years to get a license and them losing a fortune funding it in the meantime. Then they get a public kick in the balls. They might as well have just stolen client money via a fake e-gaming business and walked away with a slap on the wrist by the GSC. 1 1 Quote Link to comment Share on other sites More sharing options...
The Phantom Posted Monday at 02:38 PM Share Posted Monday at 02:38 PM On 9/14/2024 at 5:37 PM, Sceptic said: An absolutely perfect example. Fined £120,000 (reduced from £170,000) for some relatively minor procedural matters. While a load of Chinese fraudsters destroy the IOMs global reputation and the GSC do absolutely bugger all. Who would want to be a local person associated with a local financial services business when they are clearly just targets for naming, shaming and fining as they are viewed as legacy Isle of Man collateral damage to make the regulators look good. Three years ago Capital International were the poster boys for the FSAs alternative banking licensing that nobody else was interested in. They invested heavily despite it taking them almost three years to get a license and them losing a fortune funding it in the meantime. Then they get a public kick in the balls. They might as well have just stolen client money via a fake e-gaming business and walked away with a slap on the wrist by the GSC. Ah the Alternative Banking Regime. Rolled out to much hype, fanfare and (at the time) enthusiasm by the financial sector. I bet it cost a shit ton to create from DED, conferences, legislation and lawyers. You've got to wonder if this was in response to the mythological 10 Chinese Banks? As you note Capital were the only people to be stubborn (or dumb) enough to battle through the swathes of red tape and beaurocracy for the full licence. I know it was an absolute nightmare. Investec also took years to get through it and they were a 'branch' of an existing global banking operation. The recently introduced changes to the Insurance rules and regs have been even less successful = zilch new business. 1 Quote Link to comment Share on other sites More sharing options...
Sceptic Posted Monday at 06:03 PM Author Share Posted Monday at 06:03 PM 3 hours ago, The Phantom said: As you note Capital were the only people to be stubborn (or dumb) enough to battle through the swathes of red tape and beaurocracy for the full licence. I know it was an absolute nightmare. Investec also took years to get through it and they were a 'branch' of an existing global banking operation. As I said you might as well just set up an e-gaming company and steal off your clients than be bothered with any financial services business if a few policy shortcomings get the board a £120,000 fine. We have a completely disproportionate regulatory regime that does nothing to protect the IOMs actual reputation. It’s just about punishing local businesses for money to show international agencies that people are justifying their jobs. Quote Link to comment Share on other sites More sharing options...
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