An online gambling business has had a series of tougher conditions added to its licence after a Gambling Commission assessment revealed a series of money laundering failures.
During an investigation by the regulator, Boylesports Enterprise was found to have breached Commission rules aimed at preventing money laundering on its Boylesports.com and Boylecasino.com websites.
The investigation – part of the regulator’s ongoing drive to raise standards across the gambling industry – 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.
The probe also revealed that the operator failed to comply with elements of the Money Laundering Regulations.
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.”
Licence conditions added to Boylesports Enterprise licence include:
- Maintaining the appointment of an appropriately qualified Money Laundering Reporting Officer (MLRO) who holds a Personal Management Licence (PML), and, in appointing the MLRO, ensure that the individual undertakes annual refresher training in AML and be able to evidence this to the Commission.
- Ensuring that all PML holders, senior management and key control staff undertake outsourced anti-money laundering training. All such staff must undertake outsourced refresher training annually thereafter.
- Continuing its review of the effectiveness and implementation of its AML policies, procedures and controls.
In addition to the licence conditions imposed by the Commission, Boylesports Enterprise was also given an official warning and fined £2.8 million for its breaches.