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Online Gambling Operator Penalized Over Failure to Meet Anti-Money Laundering Regulations
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Boylesports, an online gambling operation is facing £ 2.8 million in fines for violating the regulations to prevent money laundering. Both the websites, Boylesports.com and Boylescasino.com were non-compliant with money laundering preventive measures. In addition to that, the enterprise has also been exposed to some stringent conditions to its license.
The UK’s gambling commission, UKGC, investigated that the commission rules were breached by the gambling operator Boylesports.com and boylescasino.com. After the UKGC’s assessment, a number of strict conditions were put into their license due to the major anti-money laundering failure.
The UKGC regulators are on a drive to better the standards regarding the gambling industry and it is through this investigation that it was discovered that Boylesports was non-compliant with certain regulations. The anti-money laundering procedure it was applying was also unfit and hence should not be implemented.
Executive Director at Gambling commission, Richard Watson 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.”
The conditions that were added to the license of Boylesports Enterprise are:
Along with these measures, Boylesports enterprise has to £2.8 million for the negligence to maintain proper anti-money laundering.