BoyleSports hit with £2.8 million fine by commission for money laundering lapses

BoyleSports have been hit with a £2.8 million fine by the Gambling Commission after an assessment by the industry regulator found a series of money laundering failures.

Tougher conditions have also been placed on BoyleSports' licence after an investigation found them to have breached rules aimed at preventing money laundering on the Boylesports.com and Boylecasino.com websites.

The imposition of a fine by the commission reflected the regulator's view this was a more serious issue than other cases which have led to regulatory settlements. BoyleSports also received an official warning.

The regulator found BoyleSports failed to have an appropriate money laundering risk assessment in place and the operator's anti-money laundering policies, procedures and controls "were unsuitable and therefore could not be implemented effectively". However, no social responsibility failures were cited by the commission.

Gambling Commission executive director 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."

In a statement BoyleSports said they accepted the Gambling Commission's decision.

The statement added: "BoyleSports cooperated fully with the investigation and acknowledged the findings from the outset. BoyleSports has compliance and governance at the centre of its operating principles and continues to invest in its processes, its people, and its systems."

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