Spillemyndigheden Reprimands Betfair AML Act Related Breaches
LISTEN TO THIS ARTICLE:The Danish Gaming Authority, known as Spillemyndigheden, has announced it has raised several issues with Betfair International Plc, the global gaming operator, regarding breaches of Denmark’s Anti Money Laundering (AML) Act.
The Spillemyndigheden has issued three orders and a reprimand against Betfair relating to Sections 7 and 8 of the Danish AML Act.
The first order a) is issued by the regulator concerned a problem it had with the risk assessment carried out by Betfair.
There were some issues in order b) for Betfair to address. These were due diligence for customers in a timely fashion and procedures regarding the screening of employees of the gaming operator. Also, there were issues with some of the written procedures at Betfair.
Order c) issued to the company raised concerns from the regulator about the documentary evidence from the operator of its adherence to its own risk management, customer due diligence, and business procedures.
Betfair lacked evidence of sufficient controls in areas such as risk management, customer due diligence, and employee screening
Betfair was also given a reprimand by the Danish Gaming Authority which stated that the gaming operator did not have sufficient control of customer information.
Next Steps for the Orders
Spillemyndigheden has noted that the risk assessment and business procedures of gaming operators are key parts of the AML legislation and ensuring these are correct is healthy for the regulated gaming markets.
The regulator has given Betfair three months to respond to the first two orders listed as a) and b) with action to correct the issues.
Also, Betfair has been given twelve months to provide documentation in response to the c) order issued by the regulator.
No further Action for the Reprimand
The DGA reprimanded Betfair because its business procedures did not include sufficient information on the collection and processing of customer identity information prior to 16th May 2023.
The regulator has stated that Betfair has since addressed the breach and as such there is no need for the gaming operator to take further action.
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