Online Gambling Operator Penalized Over Failure to Meet Anti-Money Laundering Regulations
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:
- They must appoint only qualified Money Laundering Reporting Officer. This officer must have a Personal Management Licence (PML).
- They are to take annual refresher training. The training must be regarding anti-money laundering. They must provide the commission with the evidence of the training. The staff must take training before being hired and then must take refresher training every year.
- They must keep a review of the implementation of the AML policies and how effective they are.
Along with these measures, Boylesports enterprise has to £2.8 million for the negligence to maintain proper anti-money laundering.