The Danish Gambling Authority has given Betfair International three orders and a reprimand for its breach of the AML Act.
Betfair has been given an order for breaching section 7(1) of the AML Act on risk assessment, section 8(1) of the Act on business procedures section 8(1) of the Act on controls. Betfair was given a further reprimand for the breach of business procedures.
The order given for the breach of risk assessment was due to Betfair not separately assessing the risks connected to Betfair’s business model.
The second order was issued because Betfair’s written business procedures for customer due diligence measures do not sufficiently cover that customer due diligence measures must be performed at the appropriate time in accordance with the requirements of the act.
Procedures regarding the screening of employees do not consider how Betfair ensures it is made aware if an employee is convicted of a criminal offence, which increases the risk of the employee misusing their job for purposes of money laundering or financing of terrorism.
Betfair’s written procedures do not sufficiently cover internal controls in accordance with the requirements of the Act. It does not sufficiently describe Betfair’s control measures, including how often internal controls are conducted and how the internal controls are conducted.
The third order was issued because Betfair does not have documentary evidence that it has conducted controls in the areas of risk management, customer due diligence measures, the obligations to investigate, register and notify, record-keeping, screening of employees and internal controls with sufficient frequency.
Betfair has been given a three-month deadline to correct the first two orders and 12 months to submit documents for the third.
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