The UK Gambling Commission (UKGC) is one of the world’s most prolific gambling regulators, as the compliance officers at UK operator Boylesports can attest to. Boylesports was hit with a £2.8 million ($3.7 million USD) fine for what authorities are calling, “a series of money laundering fails”.
According to a report from SBC News, both Boylesports.com and Boylecasino.com were singled out by the UKGC for failing to conduct proper risk assessment and money laundering assessments. Officials went on to say that Boylesports implemented compliance systems that, “were unsuitable and therefore could not be implemented effectively.”
Besides the multi-million pound fine, the Money Laundering Reporting Officer (MLRO) will be forced to revisit some basics of compliance work in a series of additional, and mandatory, trainings. The MLRO will also be required to maintain a Personal Management License, which adds a level of additional accountability to his position.
For their part, Boylesports is cooperating with regulators on the plan and has not mounted much in the way of appeals.
In a statement to the press, Richard Watson, executive director at the Gambling Commission described the importance of maintaining tight compliance saying, “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.”
Compliance issues, as they pertain to anti-money laundering efforts have been a major focus of UKGC activities over the past few years and Boylesports is hardly alone in running afoul of this corner of the regulatory world.