Paddy Power Betfair (PPB) was issued a £2.2m by the Gambling Commission following an investigation found that the company had failed to protect consumers. The outcomes of the analysis have been supplied by the Commission, revealing that the firm failed to interact correctly with customers that revealed signs of problem gambling in addition to failing to execute anti-money laundering checks.
Client Safety Guarantee:
As stated by the Gambling Commission, PPB had two clients which were using the brand’s betting exchange and three which were gaming with the internet site and retail alternatives while using stolen funds.
PPB was discovered to have been in breach of anti-money laundering policies, not completing checks as they ought to. The Commission discovered that at 2016, two clients of the brand were allowed to gamble significant sums of money which was stolen in Betfair. One of those clients had stolen money from their company which was a charitable organization. The settlement made by PPB will see the money returned to the charity.
In a press launch …
Operators have a responsibility to every one of their clients to seek to prevent the profits of crime from being used in gaming.
“All these failings all stem from one simple principle — operators need to know their client. If they know their client and ask the ideal questions, they then place themselves in a solid position to meet their anti-money laundering and social responsibility duties. ”
Breach of Social Responsibility Code Provision 3.4.1(1):
With their investigation, the Gambling Commission discovered that the brand was in breach of their social responsibility code provision 3.4.1(1). This provision involves policies and processes for client interaction. The company was also found to be in breach of code provision 2.1.1, between the Commission’s advice on anti-money laundering.