Gambling Commission fines BoyleSports £2.8m over AML failings

The Commission said that Boylesports “failed to have an appropriate money laundering risk assessment in place” and that it had “failed to comply” with some elements of the Commission’s money laundering regulations. 

In addition, it said that its AML policies, procedures and controls were “unsuitable” and as a result could not be implemented effectively.

As a result of these failures, Boylesports will now face a number of stricter licence conditions as well as the £2.8m fine.

It will be required to appoint an “appropriately qualified” person to the role of money laundering reporting officer, with this individual required to take annual AML refresher training, which must be documented to the Commission. In addition, all Boylesports personal management licence holders, senior management and key control staff must undertake AML training and annual refresher training.

Boylesports must also continue to review “the effectiveness and implementation” of its AML policies and controls.

“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,” Richard Watson, executive director at the Gambling Commission, said.

Last week, the Gambling Commission revoked the licence of Park Lane Club operator Silverbond Enterprises after questions over its new ownership. The operator said it would appeal this decision.

The Commission also published a new strategic assessment document that is intended to serve as the foundation for future regulatory policy, in which it said licensees are still found wanting in many areas and “do not know enough about their customers”.