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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.

Author: Nicola Sharp  30 November 2020

Posted in: Anti-Money Laundering.

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 year. BoyleSports must also continue to review the effectiveness and implementation of its AML policies, procedures and controls.

The penalties imposed on BoyleSports highlight the importance of having adequate AML policies in place in the gambling industry. They also indicate the serious view that the regulators take of any failings in this area.

The case is evidence that the UK Gambling Commission is taking its role seriously when it comes to trying to combat money laundering and terrorist financing. It is taking steps to try and raise standards and ensure adequate controls are in place across the industry.

The Commission’s action in this case is a reminder, if any was needed, of the need for gambling businesses to keep evaluating their AML policies and procedures and ensure that adequate training and, when needed, external advice is obtained so such policies are fit for purpose.

Nicola Sharp C 09983

Nicola Sharp

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Nicola is known for her fraud, civil recovery and business crime expertise, her experience of leading the largest financial disputes and multinational investigations and her skills in devising preventative measures and conducting internal investigations for corporates.

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