Spillemyndigheden, Denmark’s Gambling Authority, has issued three orders and a reprimand to Betfair International for violations of Denmark’s Anti-Money Laundering (AML) Act.
The subsidiary of Flutter Entertainment is believed to have maintained inadequate risk assessment procedures (order A), insufficient business procedures for customer due diligence (order B), and improper internal controls (order C).
Following a review of Betfair’s Danish operations, the Authority found that Betfair’s risk assessment didn’t adequately consider risks tied to their business model.
In addition, Betfair’s written procedures for customer due diligence and the screening of employees didn’t meet the requirements of the AML Act.
Spillemyndigheden deemed that “Betfair lacked evidence of sufficient controls in areas such as risk management, customer due diligence, and employee screening”.
Moving forward, Betfair is obliged to submit an updated risk assessment, improved business procedures, and documentation of future control procedures as a response to these orders.
Danish AML rules will require Betfair to address these issues within three months for orders A and B, and twelve months for order C.
Betfair was reprimanded for inadequate control of customer identity information until 16 May 2023, but this issue no longer exists and does not require action.
DFSA – Denmark’s Financial Supervisory Authority – updated the rules of the Anti-Money Laundering (AML) Act at the start of 2023, implementing new rules for customer due diligence and monitoring individual transactions and money transfers.