The UK Gambling Commission earlier today announced action that they have taken against one of their licensees Boylesports Enterprises, who own and operate the sites BoyleSports.com and BoyleCasino.com, hitting the operator with a warning and a £2.8m fine after identifying anti money laundering failures.
In a statement on the UKGC site, Richard Watson the Executive Director of the Gambling Commission said of the fine and warning given to Boylesports Enterprises: “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.”
After an investigation by the UKGC, Boylesports Enterprises were found to have breached the Commission’s rules aimed at preventing money laundering on both the Boylesports.com and Boylecasino.com websites. With the operator being found to have no suitable appropriate money laundering risk assessment in place.
Furthermore the investigation undertaken by the UK found that the AML policies and procedures that Boylesport Enterprises did have in place, were not suitable and therefore could not be implemented effectively.
In addition to the fine and warning dished out to Boylesports Enterprises, the operator has had to agree to further conditions added to their operator’s licence with the UKGC. These include the following:
- Maintaining the appointment of an appropriately qualified Money Laundering Reporting Officer (MLRO) who holds a Personal Management Licence (PML), and, in appointing the MLRO, ensure that the individual undertakes annual refresher training in AML and be able to evidence this to the Commission.
- Ensuring that all PML holders, senior management and key control staff undertake outsourced anti-money laundering training. All such staff must undertake outsourced refresher training annually thereafter.
- Continuing its review of the effectiveness and implementation of its AML policies, procedures and controls.