The UK Gambling Commission (UKGC) has imposed a fine of £2.8 million on BoyleSports Enterprise for AML failings.
During an investigation by the regulator, Boylesports was found to have breached Commission rules aimed at preventing money laundering on its Boylesports.com and Boylecasino.com websites.
The investigation revealed that the operator failed to have an appropriate money laundering risk assessment in place. It was also found that its anti-money laundering policies, procedures and controls were 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,” Richard Watson, executive director of UKGC, said.
In addition to the financial penalty, the UKGC has instructed Boylesports to maintain the appointment of an appropriately qualified Money Laundering Reporting Officer (MLRO) who holds a Personal Management Licence (PML).