Gambling Commission fine of BoyleSports (£2.8m) for AML failings

BoyleSports is the latest UK sportsbook operator to be issued a fine by the Gambling Commission over anti-money laundering (AML) failings.

The UK Gambling Commission has fined BoyleSports £2.8m and imposed a set of tougher conditions on its licence after an investigation revealed a series of money laundering failures.

BoyleSports’ £2.8m fine

During an investigation carried out by the Gambling Commission, BoyleSports Enterprise was found to have breached Commission rules intended to prevent money laundering on its Boylesports.com and Boylecasino.com websites.

The Gambling Commission said that the operator “failed to have an appropriate money laundering risk assessment in place” and that it “failed to comply” with some elements of the regulators’ money laundering regulations.

In its report, the Commission said that the AML controls, policies and procedures were “unsuitable” and therefore could not be implemented effectively.

As a result of its failings, the operator was fined £2.8m and will face several new stricter licence conditions.

The operator must now appoint an “appropriately qualified” individual to take on the role of money laundering reporting officer who will be required to take annual AML refresher training, which must be documented to the UK regulatory body.

On top of this, the operator’s personal management licence holders, senior management and key control staff must undertake AML training and go through annual refresher training.

Lastly, BoyleSports must continue to review and assess “the effectiveness and implementation” of its AML policies and controls.

Richard Watson, executive director at the Gambling Commission, 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.”

Other recent regulatory action

News of BoyleSport’s fine comes after the Gambling Commission published its first-ever 2019-20 compliance and enforcement report earlier this week.

The report revealed that licensees do not know their customers well enough and for several operators, their affordability checks continue to lack.

Last week, the Commission also revoked the operating licence of Silverbond Enterprises, which runs Park Lane Club in Mayfair, London after a change in ownership. Silverbond’s licence is set to be revoked on 18 November, however, Silverbond announced it will appeal the decision.

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