A well-known wagering platform, Betfair, faced scrutiny from the Danish Gaming Commission for failing to adhere to anti-money laundering regulations. The Commission levied three directives against Betfair, essentially reprimanding them for neglecting to implement adequate measures to combat money laundering.
Betfair’s transgressions included an inadequate evaluation of the risks associated with their platform, insufficiently rigorous customer due diligence procedures, and inadequate internal controls to thwart money laundering. For instance, they lacked a system to ascertain the involvement of their own personnel in illicit activities, a significant lapse in the battle against financial crime.
The UK Gambling Commission issued Betfair a third regulatory action due to insufficient evidence of robust safeguards. This pertains to areas like comprehensive customer due diligence, proactive identification of potential harm, meticulous record-keeping, and ensuring staff adherence to regulations. They have a timeframe of three months to address the initial two orders and twelve months to demonstrate comprehensive compliance with the third.
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