AML Failures Result in Boylesports Enterprise Facing Additional Gambling Operating Licence Conditions and £2.8-Million Fine

The UK Gambling Commission (UKGC) announced its decision to add a series of tougher conditions to the operating licence held by an online gambling company. The watchdog made the move after an assessment unveiled several money laundering failures of Boylesports Enterprise.

The UK gambling regulatory body investigated Boylesports Enterprise’s business and found that the company had violated the rules imposed by the UKGC to prevent money laundering. The breach was found on the company’s and domains.

As part of its efforts to raise standards across the British gambling sector, the watchdog held an investigation in the gambling company’s services, with the probe revealing that the operator failed to make sure that the assessment of the risk of money laundering. In addition, the UK Gambling Commission also revealed that the anti-money laundering policies, controls and procedures of Boylesports Enterprises were unfit to the watchdog’s requirements, so the operator was unable to implement them effectively.

The UKGC announced that the online gambling company failed to comply with the elements of its Money Laundering Regulations.

As a result of the investigation’s findings, some new conditions were added to the existing operating licence held by Boylesports Enterprise. The company was given an official warning for its failure to comply with the regulatory rules and requirements. Boylesports Enterprise would also have to pay a monetary penalty of £2.8 million because of the breaches.

Tougher Gambling Licence Conditions Imposed by the UKGC

The executive director of the UKGC, Richard Watson, explained that it is a matter of great importance for all gambling businesses to make sure that their anti-money laundering policies and procedures were in place. Mr Watson further noted that, as part of its ongoing efforts to raise the industry standards, the gambling watchdog would continue to pursue tough regulatory action against operators that violate its requirements.

As mentioned above, Boylesports Enterprise will see a number of new tougher conditions added to its existing operating licence. The extra conditions include a requirement that the company continues to review the effectiveness and implementation of its anti-money laundering controls, procedures and policies. Besides, Boylesports Entertainment would have to make sure that all holders of personal management licence (PML), its key control staff and senior management members pass some anti-money laundering training. Furthermore, all such staff would be required to undertake refresher training every year from now on.

Last but not least, Boylesports Enterprise would have to make sure it maintains the appointment of a qualified Money Laundering Reporting Officer (MLRO) who would also have to hold a Personal Management Licence (PML). The gambling company would also be required to make sure that the individual who is appointed at this position would undertake refresher training in anti-money laundering every year and be able to prove this to the UK gambling regulatory body.

  • Author
Olivia Cole

Olivia Cole

Olivia Cole has worked as a journalist for several years now. Over the last couple of years she has been engaged in writing about a number of industries and has developed an interest for the gambling market in the UK.
Daniel Williams
Casino Guardian covers the latest news and events in the casino industry. Here you can also find extensive guides for roulette, slots, blackjack, video poker, and all live casino games as well as reviews of the most trusted UK online casinos and their mobile casino apps.

Related news