Paddy Power Betfair faces penalty package for social responsibility and money laundering failures
A UK Gambling Commission investigation has revealed that Paddy Power Betfair failed to adequately interact with customers who were displaying signs of problem gambling and failed to adequately carry out anti-money laundering checks. The online operator is to pay USD 2.9m for failing to protect customers and stop stolen money being gambled.
Two of the customers were using PPB’s betting exchange and a further three were gambling using the operator’s online presence and retail premises.
Richard Watson, Gambling Commission Executive Director, said: “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.
“These failings all stem from one simple principle – operators must know their customer. If they know their customer and ask the right questions then they place themselves in a strong position to meet their anti-money laundering and social responsibility obligations."
Argentina to reach 4.6M online gamers, exceed $1.5B in revenues by end of 2025
Stretch Network unveils €1.3 million Summer Poker League
3 Oaks Gaming expands Hold & Win slot collection with 777 Fruity Coins launch
Stretch Network unveils €1.3 million Summer Poker League
Win Systems debuts Gold Club Colors electronic roulette at Peru Gaming Show 2025
Rivalry reports lower net loss at $16.52 million in 2024 amid strategic overhaul
Zitro announces company-wide global corporate sustainability framework
Gaming in Germany Conference set for November 11 edition in Berlin
SBC Summit 2025 to explore iGaming innovation through new Technology Stage
iGB L!VE opens at its new ExCel London home with goal of breaking 2024's attendance record
