UKGC Slaps Boylesports with a £2.8m Fine for AML Failures

Boylesports Enterprise, one of the leading sportsbook operators in the UK has just been smacked with a £2.8 million by the region’s gaming ombudsman, the United Kingdom Gambling Commission (UKGC). The huge fine was imposed after UKGC conducted an investigation into the operator’s Boylecasino.com and Boylesports.com websites and discovered that the platforms were lacking in their Anti Money Laundering (AML) safeguards as required by the UK license code of conduct.

Based on the report released by the UKGC after the inquiry, Boylesports acted against operating license requirements by failing to integrate satisfactory AML and risk assessment systems on its platforms. After the £2.8 million fine was imposed on Boylesports, Richard Watson, the Executive Director of the UK Gambling Commission reiterated how crucial AML policies are for operations of online gambling platforms; 

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“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.”

New Licensing Conditions Imposed on Boylesports License

Boylesports Entertainment currently operates a selection of online gambling products which on top of sports betting, include online casino, online lotto, online live casino, and online bingo products, which are all operating under a parent entity by the name Boylesports Enterprise. Additionally, Boylesports Entertainment also operates more than 300 retail betting facilities across Great Britain and Ireland, and until recently, the gaming giant has had a good standing with the UKGC.

After the investigations which led to the hefty fine, Boyle will now be required to appoint an exclusive Money Laundering Reporting Officer (MLRO) whose duty will be to ensure that all AML Licensing Codes of Practice (LCCP) are observed to the letter by the company. Moreover, this MRLO will also have to be a UKGC certified Personal Management License (PML) holder.  

As part of the measures to guarantee that everything is done right by the LCCP requirements, the sports betting company under the microscope will also be required to enroll the MLRO in a range of UKGC approved training programs. After completion of the training programs, the MLRO will then submit evidence of completion directly to the UK Gambling Commission for another step of approval.

Boylesports Owned up to The Failures and Has Started Making Reparations

On its part, Boylesports has acknowledged its shortcomings and even released an official statement accepting UKG’s verdict on the AML failings as follows;

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"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."

Moreover, the revered gaming brand has already commenced a thorough review of its AML procedures and structures to make sure that they abide by UKGC’s licensing standards. UKGC’s inquiry into Boylesports Entertainment is part of the watchdog’s initiatives to raise the ethical standards across the gambling industry locally and on a global scale. Besides the £2.8m fine, the company also received an official warning from the regulator.

Last month, GambleAware, Britain’s autonomous charity organization for the gambling industry published a report disclosing that it collected a total of £8.8 million worth of regulatory settlements from industry offenders for the first half of the 2020/21 fiscal year. Boyle’s penalty will also go to GambleAware’s reserves and the funds will be channeled to the National Strategy to Reduce Gambling Harms, among other safer gambling initiatives for the UK.