“There is a significant e-gambling sector regulated in Alderney with a large international client base and the entire e-gambling sector has received a residual risk rating of ‘medium lower’ for money laundering in the NRA,” said the FIU. 

“The e-Gambling sector submitted 28% fewer SARs in 2022 compared to 2021. A review of the e-gambling SARs received during 2022 confirmed that the risk remains low and the vast majority of SARs were dual reported to UK authorities.  

“The two key reasons for reporting suspicion both in 2021 and 2022 were identified as adverse open source information relating to their clients, followed by non-compliance with requests for client due diligence documentation or requests for further information.” 

In May last year there were 346 SARs submitted to the FIU, the highest number of SARs received in a single month. 

The FIU said that money laundering remained the highest type of criminal activity reported via SARs. 

It accounts for 73% of all SARs submitted to the FIU, and 88% of the submissions from the eGambling sector were in regard to money laundering concerns. 

Notably there has been an increase in reporting for fraud, with the FIU stating in its report: 

“The FIU has identified an increase in reporting for fraud, false accounting or forgery with a 136% increase in SARs for 2022 (441) compared to 2021 (187).  

“Analysis identified that the majority of these SARs (299) were disclosed by the e-gambling sector with approximately 275 SARs referencing an organised crime group suspected of fraudulently registering numerous accounts using fake documents, including UK passports, which contributed to this percentage increase.  

“This matter was referred to the UK authorities for further investigation.”