BoyleSports stung with £2.8m Gambling Commission fine for AML failures
Irish-headquartered operator given formal warning by UK regulator and additional licensing conditions following investigation
The UK Gambling Commission (UKGC) has hit BoyleSports with a £2.8m fine after the regulator identified failings in its anti-money laundering (AML) procedures.
The firm, which operates more than 300 retail branches across the UK and Ireland as well as an online presence, received a formal warning from the UKGC, which added further licensing conditions to its UK operating licence.
UKGC investigators identified a lack of appropriate money laundering risk assessment procedures and failure to comply with elements of money laundering regulations within the licensing codes of practice (LCCP).
The regulator also found BoyleSports’ AML 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,” UKGC executive director Richard Watson said.
BoyleSports is licensed by the UKGC to operate online bingo, casino, sports betting and pooled betting under parent company BoyleSports Enterprise.
New conditions added to the BoyleSports licence require the firm to appoint an “appropriately qualified” money laundering reporting officer (MLRO), who holds a separate UKGC personal management licence (PML).
As part of this, BoyleSports is required to ensure the MLRO takes part in regular AML training with evidence provided to the UKGC annually.
BoyleSports must also ensure that its PML holders, senior management and key staff members undertake outsourced AML training every year.
Finally, to ensure continued compliance with UKGC standards, BoyleSports has been tasked with reviewing the effectiveness and implementation of its AML policies, procedures and controls.
It is understood that BoyleSports have already appointed an MLRO in full compliance with the UKGC standards and that this appointment was made in 2019.
A BoyleSports spokesperson said the bookmaker noted and accepted the UKGC investigation and the inclusion of additional licence conditions.
“BoyleSports co-operated fully with the investigation and acknowledged the findings from the outset,” said the spokesperson.
“BoyleSports has compliance and governance at the centre of its operating principles and continues to invest in its processes, its people and its systems.”