BoyleSports, Ireland’s largest independent bookmaker, has been fined £2.8 million by the Gambling Commission after a recent assessment uncovered that they didn’t have sufficient regulations in place to prevent money laundering on their online casinos.
Severe penalties for non-compliance
In addition to the fine, the bookmaker has received a formal warning and more stringent conditions have been attached to their existing iGaming licence. Other operators (who also failed to meet the regulator’s anti-money laundering policies) have been penalised, but none to the same degree. This implies the case was severe.
Richard Watson, executive director of the Gambling Commission, said this of their decision: “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.”
Following on from their investigation, the Gambling Commission found that the bookmaker didn’t have an adequate risk assessment in place to prevent money laundering on their online casino. Furthermore, their policies, procedures and controls “were unsuitable and therefore could not be implemented effectively.”
Striving to do better for the future
BoyleSports responded to the news, saying they accepted the punishment. “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.”
Despite their inadequate anti-money laundering measures, the bookmaker wasn’t accused of any social responsibility failures. It seems the online gambling operator is striving to do better and create a safer environment for its users.
