12 Nov 2020
Irish bookmaker Boylesports must pay a £2.8 million sterling (€3.14m) fine and abide by tougher conditions added to its licence, following an investigation by British regulators.
Boylesports offers online betting to UK customers through a company called Boylesports Enterprise, which is licensed by that jurisdiction’s regulator, the Gambling Commission.
Following an investigation that found the company failed to have appropriate money laundering risk assessment, the commission fined Boylesports Enterprise £2.8 million and added conditions to its licence.
The British regulator said that during the investigation, Boylesports Enterprise was found to have breached commission rules aimed at preventing money laundering on its Boylesports.com and Boylecasino.com websites.
The licence conditions include maintaining the appointment of a properly qualified money laundering reporting officer, who holds a personal management licence.
The company must ensure that the individual appointed gets yearly refresher training and can show evidence of this to the commission.
It is understood that the company appointed a properly qualified money laundering reporting officer 12 months ago.
Boylesports must ensure that all personal management licence holders, senior management and key control staff get outsourced anti-money-laundering training and have this training updated every year thereafter.
The company must also continue its review of the effectiveness and implementation of its anti-money-laundering policies, procedures and controls.
By Barry O’Halloran, The Irish Times, 11 November 2020
Read more at The Irish Times
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