Tuesday, 16 October 2018

Paddy Power Betfair fined £2.2m after stolen cash is gambled through its website

Paddy Power Betfair has been fined £2.2m for failing to stop stolen money being gambled through its website and for failing to protect customers showing signs of problem gambling.

The Gambling Commission said the bookmaker's failings meant "significant amounts of stolen money flowed through their exchange".

One customer used money defrauded from his employer, Birmingham Dogs Home.

Paddy Power Betfair apologised and said it had strengthened its procedures.

The regulator said Paddy Power Betfair's behaviour was simply not acceptable.
A Gambling Commission investigation also found that the bookmaker failed to adequately interact with customers who were displaying signs of problem gambling.

"These failings all stem from one simple principle - operators must know their customer," said Richard Watson, Gambling Commission executive director.

"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."

BBC     News.

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