Andrew Lyman’s Post

I am copying this post to my network as both an endorsement of Andy (who is a friend), but also because I have worked with him on both sides of the fence (as a former colleague at William Hill and in my regulatory capacity). He has held senior roles in the compliance area, but he also has a deep understanding of commercial operations; founded in many years in the industry. He tells me that he is taking the summer off to get his bearings, but I would recommend him to any potential employer who might have the good sense to want a conversation with him. https://lnkd.in/epeHbDr3

Comprehensive report by SBC on the Minister’s opening address to the Ethical Gambling Forum and how important it is for the industry to take a proactive approach to all elements of ESG in the context of Gibraltar licensing.

Back tomorrow for a panel on whether or not M and A activity is always compatible with ESG principles. My view is that not all acquisitions work for employees or consumers. M & A excites analysts, executives, Boards and provides large fees for lawyers, but not all deals work and most post merger integration never runs to time or achieves the cost savings projected. Alternative view points encouraged.

This short video from the FATF Chair is worth listening to. The reasons for Gibraltar being put on the list of jurisdictions subject to enhanced monitoring ( the Grey list) were narrow. Firstly that the supervisors of non bank financial institutions and the supervisors of non financial businesses and professional services needed to impose a greater range of proportionate dissuasive and persuasive sanctions. Secondly there needed to be a demonstration that Gibraltar not only had the capability, but could sustain a regime that resulted in civil and criminal confiscation cases ( commensurate with Gibraltar’s risk profile). The FATF do not see grey listing as “punitive”, but a “tool” to enable close scrutiny. One can speculate on the underlying thinking and discussions that led to the decision to grey list on the basis of two outstanding action points, but even the jurisdiction itself was not privy to those discussions. In his press statement, the outgoing Chair chose to focus on two perceived risk areas . One of these was Gibraltar’s status as a point of supply gambling jurisdiction. This was a surprise at the time as the Gibraltar Gambling Division was the most active supervisor in terms of sanctions. Gambling supervision was not singled out in the written action points. Nevertheless, it was simply a case of getting on with proving the externally perceived risk of the sector was being managed ( both through site visit activity and sanctions). Presentation of the real risks that the sector presented was also important ( dealing with possible misconceptions) and also providing significant data based evidence ( as all colleagues have done). The whole team has been focused on this task and has done some heavy lifting. The process has driven strong coordination between sector supervisors, law enforcement and the Government law officers. There has also been a lot of re-engineering of culture. There is also a lot of collective Gib plc knowledge that puts us in good stead for the next round of assessment. Overall the process is a “win win” situation both for Gibraltar and the FATF. Gibraltar’s reputation as a well managed Finance Centre is restored ( even enhanced) and the FATF can see their “grey listing” tool as adding value and resulting in incremental improvement of AML/ CTF/ PF standards. I think the shared objective now is that the jurisdiction keeps up with ever changing standards and over the next few years ( starting now) can provide the objective evidence required to avoid grey listing in the future. I can’t say that in the five years I have been involved in the relentless process that it has all been a pleasure, but I do share in the sense of collective relief and jurisdictional pride in coming out the other side of a very exacting process.

It would be great to see as many charities as possible,in the responsible gambling space, at this important event. Also I know that Jo and Adrian would love to talk to an operator or two about commercial sponsorship. Commercial sponsorship provides the opportunity to showcase what your organisation is doing in the ESG landscape. I have committed to attend this event and whilst there have traditionally been many who work in compliance, HR and on diversity issues at this event, it would be great to see C- level support for ESG initiatives. After all, C level support signals that there is a positive tone from the top on ESG issues. I would be happy to sit on a C level panel if we get enough volunteers.

This will really have benefits for both the business sector and for sector supervisors. We already coordinate on AML/TF/ PF and this goes further into other areas of shared regulatory interest. All assisted by a highly effective and engaged GFIU.

Great initiative to get Gibraltarians to think about a career in either the gambling sector or financial services sectors ( that contribute over 50% of GDP). There are a wealth of opportunities in our multi Jurisdictional e business firms and their commitment to all stakeholders ( employees and customers included) has come so far from where it was a few years ago. What better role is there if you are interested in sport, have high levels of numeracy and want to progress in a rewarding career. We all want a job for which we want to get out of bed in the morning for and there was never a day when I worked in the sector where I regretted being part of it. They need good people in cyber and tech roles as well. The experiences and skills you acquire will be readily transferable to other areas. The businesses are meritocracies as well. You can go from ground floor to the C level suite on ability. Being a partner in a law, professional services or accountancy firm is not it it’s all cracked up to be (no disrespect intended). Make your own mind up and you might even have some fun! That counts for a lot when you look back on your working life.

This is worth a look. It’s a standalone micro credential, but linked to the MBA. I hope that the industry in Gibraltar shows some support by facilitating a professional development opportunity for Compliance and other gambling sector employees. https://lnkd.in/djCPR2X3