International online sports betting operator Paddy Power Betfair has been issued a £2.2 million fine from the UK for social responsibility and money laundering failures. The penalty was issued by the UK Gambling Commission, which had found the operator was failing to protect its customers, and to put a stop to stolen money being used for gambling.
The UK Commission’s investigation had revealed that the operator had failed to adequately interact with their customers who were showing signs of problem gambling. On top of this, the investigation points to the fact that they failed to carry out any anti-money laundering checks, meaning that in some cases stolen money was being used to place bets, which is not permitted by the UK Gambling Commission.
Two customers were found making us of PPB’s betting exchange, while another three were gambling using the operators retail and online premises. Richard Watson, executive director of the UK Gambling Commission, told reporters that as a result of Paddy Power Betfair’s failure to check money laundering, significant amounts of money managed to make its way through their exchange, and that it was not acceptable.
He explained that operators have a duty to ensure that all money that is used on their services was not funded through crimes of any nature. He added that the fine issued was aimed at the operator’s biggest failing: it didn’t know its customer base, and that it’s important that operators take the time to know the people who make use of their services.
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