Boylesports hit with £2.8m fine for money laundering failures11th November 2020 1:31 pm GMT
Britain’s Gambling Commission has issued an official warning and a £2.8m fine to operator Boylesports over a series of money laundering failures.
Boylesports was found to have breached rules aimed at preventing money laundering on its Boylesports.com and Boylecasino.com sites following an investigation by the commission.
The investigation, part of the regulator’s ongoing drive to raise standards across the gambling industry, revealed that the operator failed to have an appropriate money laundering risk assessment in place. Its anti-money laundering policies, procedures and controls were also found to be unsuitable and therefore could not be implemented effectively.
“It is vital that all gambling businesses have effective anti-money laundering policies and procedures firmly in place and as part of our ongoing drive to raise standards we will continue to take tough action against operators who do not," said Richard Watson, executive director at the Gambling Commission.
As well as the official warning and £2.8m fine, the operator has had a series of tougher conditions attached to its licence.
This includes maintaining the appointment of an appropriately qualified Money Laundering Reporting Officer (MLRO) who holds a Personal Management Licence (PML). In appointing the MLRO, the company must also ensure that the individual undertakes annual refresher training in AML and is able to evidence this to the Commission.
Boylesports must also ensure that all PML holders, senior management and key control staff undertake outsourced anti-money laundering training, and continue to review the effectiveness and implementation of its AML policies, procedures and controls.