BoyleSports has been fined by the UK Gambling Commission over anti money-laundering compliance failures. The sportsbook has accepted the fine and assisted the regulator throughout the investigation.
BoyleSports Fined £2.8m over AML Failure
The UK Gambling Commission (UKGC) has issued a stiff penalty to BoyleSports, imposing a £2.8 million fine. The penalty comes in the wake of a probe that discovered regulatory failings, and specifically a failure to follow anti-money laundering (AML) guidelines.
BoyleSports, which has carved a good name and reputation for itself throughout the years, currently runs over 300 retail branches in the United Kingdom and Ireland. The UKGC, however, has warned BoyleSports to streamline its AML procedures as a prerequisite for retaining the operator’s license.
According to the UKGC, BoyleSports failed to integrate sufficient AML procedures and risk assessment structures seen as important compliance steps with the broader anti-money laundering regulations required by the licensing codes of practice or LCCP.
Commenting on this fine, UKGC executive director Richard Watson stressed the importance of adequate anti-money laundering policies:
“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.”-UKGC executive director Richard Watson
BoyleSports is licensed to operate a number of products, including casino, sports betting, and online bingo, and all operations come under the parent entity, BoyleSports Enterprise. Moving forward, however, a new licensing condition will apply to BoyleSports.
Meeting New Licensing Condition
Boyle will have to appoint a money laundering reporting officer (MLRO) exclusively in charge of making sure AML practices are met in full. The executive would need to be certified by the UKGC with a personal management license (PML).
Boyle will have to enroll the MLRO in a variety of training programs approved by the UKGC, with evidence of completed training submitted to the regulator directly. Presently, Boyle will begin a thorough review of its AML policies and controls to ensure that they meet UKGC standards.
The regulator noted that Boyle had to clear up some points so as to integrate those measures in a clear and succinct way. For its part, BoyleSports has responded as would any sportsbook of its stature and reputation.
The company accepted the UKGC’s findings and noted that it had offered the regulator its full cooperation. “BoyleSports has compliance and governance at the center of its operating principles and continues to invest in its processes, its people and its systems,” a spokesperson concluded.