Boylesports Enterprise now faces tougher licensing conditions and a huge £2.8 million fine after the UK Gambling Commission completed an assessment of the company finding it in breach of money laundering rules. Both and were found to be in violation of rules created to prevent money laundering practices.

The Investigation

The Gambling Commission is on a mission to raise the standards of the gambling industry. The assessment of the operator was done as part of that mission. The investigation into the company revealed that a money laundering risk assessment was not in place. The policies, procedures, and controls the company had in place for anti-money laundering were found to be unsuitable.

The online gambling operator was also found to have failed to comply with parts of the Money Laundering Regulations. The Gambling Commission executive director, Richard Watson, commented on the findings by stating:

“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.”

Steps to Take

Boylesports has been given an official warning as well as a large fine due to the infractions and must meet new licensing conditions. A Money Laundering Reporting Officer must be appointed and be qualified to do the job, an individual who has a Personal Management License. This individual must receive continual training and provide evidence of such training to the Commission.

Certain staff members like the Personal Management License holders, key control employees, and senior management are to take anti-money laundering training. Refresher training needs to be completed annually. The company must also continually review its policies, procedures, and controls connected to anti-money laundering measures.