Online Betting Firm Fined £2.8M Over AML Breaches

Law360, London (November 13, 2020, 12:14 PM GMT) -- The Gambling Commission has hit an online betting company with a £2.8 million ($3.7 million) penalty and imposed new conditions on its license after it was found to have breached anti-money laundering rules.

Boylesports Enterprise, an Irish gambling operator, did not have an appropriate assessment in place for the risk of money laundering, the regulator said. Its "unsuitable" AML policies and procedures could not have been properly implemented, the commission added.

"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...

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