The work of the UK Gambling Commission doesn’t stop. Last week, the regulator published the Strategic Assessment and Compliance Report focusing on UKGC’s action plan for the upcoming period, as well as on what has been done in the previous months. At the same time, UKGC opened a consultation on problem gambling and is calling for views from the industry and stakeholders to propose stronger requirements for this issue.
Despite these initiatives, UKGC has also fined several operators in the past few months, including Genesis Global which received one of the highest penalties. Now, it has been reported that the sports betting operator BoyleSports has been fined £2.8m by the UKGC for a series of anti-money laundering (AML) failures.
Several AML failures were made
The UK Gambling Commission is constantly working to improve and to raise standards across the gambling industry. For that reason, it is regularly conducting investigations on operators’ activities. The last investigation was on the sports betting operator BoyleSports which showed that the company didn’t have proper money laundering risk assessment in place. At the same time, BoyleSports Enterprise was found to have breached Commission’s rules. As a result, BoyleSports has been fined £2.8m and must add a couple of conditions on its licence.
BoyleSports had unsuitable anti-money laundering policies on both Boylesports.com and Boylecasino.com websites which could not be implemented effectively. In addition, the Commission revealed that BoyleSports failed to comply with elements of the Money Laundering Regulations.
New conditions on the BoyleSports licence
As part of the official warning and the £2.8m fine, the operator has had a series of new conditions attached to its licence. These include appointing a qualified Money Laundering Reporting Officer (MLRO), who holds a Personal Management Licence (PML), and ensuring that the Officer undertakes annual training in AML. Moreover, BoyleSports must ensure that all PML holders, senior management and key control staff undertake outsourced anti-money laundering training. The operator also has to continue its review of the effectiveness and implementation of its AML policies, procedures and controls.
More details about BoyleSports Enterprise’ failures can be found on the Commission’s sanction register. Richard Watson, executive director at the UK Gambling Commission, commented on the situation and said that it’s necessary that all gambling operators have effective anti-money laundering policies and procedures in place. He added that as part of their ongoing work to raise standards, the Commission will continue to take tough action against operators who don’t comply with its conditions.
This is not the first disciplinary action taken by the UK Gambling Commission this month. Last week, the regulator reported that it has revoked the operating licence of Silverbond Enterprises Ltd, owner of the Park Lane Casino. This decision was made because UKGC wasn’t satisfied with the change in corporate control at the operator. The regulatory body didn’t want to grant the licence to the operator had the new controller been a controller of the company when the application for the operating licence was made.