18th of October 2018 Author: Alex Hoffmann
It turns out that Rank Group isn't the only operator that decided to break the compliance rules regarding problem gambling and anti-money laundering...
Recently, the Gambling Commission revealed another breach of regulations, including social responsibility and illegal acquisition of money on Paddy Power Betfair gambling exchange, and issued a £2.2 million penalty for failing to protect customers from gambling with stolen funds.
Further investigation has shown that PPB failed to properly intercommunicate with clients who are suffering from problem gambling, as well as to prevent anti-laundering practices.
'Flow of Stolen Cash':
In addition to two customers, who used the betting exchange, three more clients gambled using the "operator's online presence and retail premises." Executive director at UKGC, Richard Watson commented:
"As a result of Paddy Power Betfair's failings significant amounts of stolen money flowed through their exchange and this is simply not acceptable. Operators have a duty to all of their customers to seek to prevent the proceeds of crime from being used in gambling."
Not knowing your customer is the main prerequisite for errors in gambling, added Watson, and said that operators should always place themselves in a stronger position before meeting any anti-laundering obligations.
A Valuable Learning Experience For Operators:
According to the Gambling Commission's public statement and regulatory settlement, Paddy Power Betfair failed to conduct procedures for customer interaction and act in accordance with the Agency's guidance on money laundering.
Therefore, the penalty package consists of:
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Unbelievable. To think that leading bingo operators would make such stupid mistakes.
real question is whether this was a mistake on PPs part or not... one can argue they knew about it but didnt care.
If they didnt know about it, then their due diligence and anti-fraud measures failed miserably.
Either way fine is more than deserving..
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