Following a UK Gambling Commission (UKGC) inquiry into money laundering failures, BoyleSports has been given a £ 2.8 million penalty and required to meet additional conditions relevant to its online gambling licence.
The penalty compliance of the UKGC claimed that the Boylesports.com and Boylecasino.com domains of the operator had failed to safeguard ‘reasonable risk assessments of money laundering’ combined with further deficiencies on AML duties and controls.
The commission also revealed that BoyleSports had failed to fulfil its obligations to enforce elements of the Money Laundering Legislation of the United Kingdom.
As a result, BoyleSports was required by the UKGC to employ a ‘Money Laundering Reporting Officer (MLRO)’ to audit transactions and supply the Commission with AML reports.
Further licensee specifications consider that ‘outsourced anti-money laundering training’ must be performed by all BoyleSports’ Personal Management License (PML) holders, senior management and employees.
The UKGC agreed that the efficacy and execution of its AML regulations, procedures and controls will continue to be reviewed by BoyleSports.
Richard Watson, the Gambling Commission’s executive director, said: “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.”