The Isle of Man overnment has adopted a National Risk Appetite Statement (NRAS) to improve risk mitigation around the jurisdiction's eGaming sector and other related industries - ahead of a more comprehensive NRAS encompassing the wider business community scheduled for publication later in 2025.
It notes that the immediate NRAS framework has been developed in response to emerging risks presented by a increasingly complex criminal landscape in East and Southeast Asia, which includes the exploitation of casinos and eGaming platforms. The initiative is part of the government's ongoing commitment to maintaining a secure and robust economic environment and adhering to international standards.
Under the framework, risks will be identified and guidelines provided to businesses to "evaluate and manage risks associated with new and existing business relationships, particularly in sectors linked to eGaming. The NRAS emphasises the importance of proportionate enhanced measures to control risks where higher risk factors are identified."
Minister for Justice and Home Affairs, Jane Poole-Wilson MHK, said: "Serious and organised transnational crime is a global threat, and the Isle of Man is committed to playing its part in disrupting this activity. The National Risk Appetite Statement is a crucial step in ensuring that our economy remains strong and diverse, while protecting our Island, its people, and its businesses from exploitation. The Isle of Man is open for good quality, reputable business. To support those aims, this Statement will provide to industry and wider stakeholders the clarity they need."
The NRAS is supported by a Typologies document prepared by the Financial Intelligence Unit, which outlines specific activities and jurisdictions that must be considered. A second and more comprehensive National Risk Appetite Statement, incorporating the wider business community, is scheduled for publication later in 2025.
