Irish bookmaker Boylesports must pay a £2.8 million sterling (€3.14m) fine and abide by tougher conditions added to its licence, following an investigation by British regulators.
Boylesports offers online betting to UK customers through a company called Boylesports Enterprise, which is licensed by that jurisdiction’s regulator, the Gambling Commission.
Following an investigation that found the company failed to have appropriate money laundering risk assessment, the commission fined Boylesports Enterprise £2.8 million and added conditions to its licence.
The British regulator said that during the investigation, Boylesports Enterprise was found to have breached commission rules aimed at preventing money laundering on its Boylesports.com and Boylecasino. com websites.
The licence conditions include maintaining the appointment of a properly qualified money laundering reporting officer, who holds a personal management licence.
The company must ensure that the individual appointed gets yearly refresher training and can show evidence of this to the commission.
It is understood that the company appointed a properly qualified money laundering reporting officer 12 months ago.
Boylesports must ensure that all personal management licence holders, senior management and key control staff get outsourced anti-money-laundering training and have this training updated every year thereafter.
The company must also continue its review of the effectiveness and implementation of its anti-money-laundering policies, procedures and controls.
Boylesports noted and accepted the commission’s decision.
“Boylesports co-operated fully with the investigation and acknowledged the findings from the outset,” said a statement.
The group added that it had “compliance and governance at the centre of its operating principles and continues to invest in its processes, its people, and its systems”.
Richard Watson, an executive director at the UK’s Gambling Commission, said it was vital that all gambling businesses had effective money laundering policies and procedures.
“As part of our ongoing drive to raise standards we will continue to take tough action against operators who do not,” Mr Watson added.
Boylesports is one of the Republic’s biggest bookmakers and has a significant share of the UK market.