A Bookmaker's '2.8M Fine For Money Laundering Failings Is A Reminder To All Gambling Companies To Ensure Their Procedures Are Fit For Purpose

• Published date: 01 December 2020
• Subject Matter: Government, Public Sector, Media, Telecoms, IT, Entertainment, Criminal Law, Money Laundering, Gaming, Crime
• Law Firm: Rahman Ravelli Solicitors
• Author: Ms Nicola Sharp

A bookmaker's '2.8M fine for money laundering failings is a reminder to all gambling companies to ensure their procedures are fit for purpose, according to Nicola Sharp of financial crime specialists Rahman Ravelli.

The bookmaker BoyleSports must pay a '2.8 million fine for money laundering shortcomings following an investigation by regulators.

The UK's Gambling Commission found that the company did not have appropriate money laundering risk assessment measures in place. It imposed the fine and added conditions to BoyleSports' licence. BoyleSports, which is Ireland's largest independent bookmaker, offers online betting to UK customers through its company, BoyleSports Enterprise. The Gambling Commission said that BoyleSports Enterprise was found to have breached commission rules aimed at preventing money laundering on both its Boylesports.com and Boylecasino.com websites.

The new conditions attached to BoyleSports' Gambling Commission licence include the appointment of a properly qualified money laundering reporting officer, who should undergo annual refresher training on money laundering prevention. It must also ensure that all of the company's senior personnel receive anti-money laundering (AML) training, which should be updated every...