The Gambling Commission has this week imposed a £2.8 million fine, tougher license conditions and an official warning on online gambling operator, Boylesports Enterprise, for anti-money laundering failings.
This follows a string of regulatory actions taken by the Gambling Commission this year in its drive to improve AML and social responsibility standards in the gaming industry. The hefty fine in this instance, the first in several months, represents the seriousness of Boylesports’ failings compared with other firms who have managed to reach settlement with the Commission.
One of Boylesports’ key failings was not having an appropriate money laundering risk assessment; a fundamental requirement under the Money Laundering Regulations. The Commission also found Boylesports to have unsuitable AML policies and procedures, which contributed to them being poorly implemented. There were no reported failings related to social responsibility requirements.
The Commission has imposed three additional conditions to Boylesports’ operating license, including the requirement for continuing effectiveness reviews of its AML policies, procedures and controls.
This latest enforcement case demonstrates the Commission’s appetite to take tough action on firms not complying with Money Laundering Regulations and license conditions. It also reminds us that implementation of AML systems and controls is not a one-time activity; risk management controls must be meaningful and subject to continual review to ensure appropriateness.
Bovill works with firms spanning all sectors to design and implement effective financial crime risk assessments. If you’d like to discuss how we could help you with your risk assessment, or any other aspect of financial crime compliance, please get in touch.