Betfair encountered significant scrutiny from Danish regulators regarding deficiencies in their anti-money laundering protocols. The Danish Gambling Authority issued a severe reprimand to Betfair International, imposing three directives and a harsh assessment for failing to meet standards set by laws intended to prevent money laundering.
The gaming provider was found non-compliant with several crucial elements of the Anti-Money Laundering Act, particularly concerning risk evaluation, operational procedures, and oversight mechanisms. In essence, their efforts to detect and minimize money laundering risks connected to their operations were insufficient.
Danish authorities criticized Betfair’s customer examination processes, stating they inadequately addressed the legal obligation for prompt due diligence. Moreover, the company’s methods for vetting its personnel were deemed lacking, raising apprehensions about potential internal risks. Betfair had not effectively guaranteed it would be notified if an employee possessed a criminal history linked to money laundering or terrorism financing.
Lastly, the Gambling Authority censured Betfair’s internal controls, asserting that their documented procedures did not sufficiently detail how they were maintaining compliance, including the regularity and techniques of their internal audits.
Financial authorities issued a reprimand to Bifa. The company failed to demonstrate sufficient efforts in maintaining compliance standards, specifically regarding Know Your Customer protocols, risk mitigation strategies, and related procedures. A three-month deadline has been set to rectify the initial concerns, while a full year is allotted to establish comprehensive documentation for the final matter.
