BoyleSports Hit with £2.8m Fine
by Glenn Baird - November 12, 2020
The UK Gambling Commission announced yesterday that Ireland’s second largest bookmakers would be receiving a £2.8m fine for issues relating to money laundering.
Along with the fine the Commission has imposed tougher restrictions on the bookmaker after an investigation found that they were not adhering to rules relating to money laundering.
The size of the fine is a reflection of the severity that the UKGC felt was needed when dealing with such a serious subject and has also issued BoyleSports with an official warning.
The fine was issued as a result of BoyleSports’ failure to have a suitable 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”.
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.”
BoyleSports has accepted the fine and released the following statement:
“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.”