Spillemyndigheden issues three orders to Betfair
The three orders follow an investigation carried out by the regulator, which found that the operator had a few shortcomings in its AML efforts. The Spillemyndigheden stated that the first order was issued due to Betfair not conducting an additional assessment of the risks of its operating model.
Spillemyndigheden’s second order, on the other hand, was the most significant of the three, having three driving factors behind it. The regulator stated that the first reason for this order was that Betfair failed to conduct its player checks on time, adding that its due diligence procedures do not align with the country’s AML regulations in this regard.
The following reason for the second order involved the operator’s procedures of employee checks, which could not sufficiently make the firm aware of any criminal convictions of its employees throughout their employment periods. This goes against the Danish AML laws as people with past convictions present a higher risk of using their workplace positions for various financial crimes.
Betfair was also found to have a lacking internal audit policy, which failed to appropriately disclose a number of details of the company’s internal audits, such as their frequency and their execution methods.
Lastly, Spillemyndigheden’s third order was closely tied with the second order’s last reason, being issued due to the operator’s lack of evidence proving that it conducted several types of audits frequently enough to comply with the country’s AML laws.
Spillemyndigheden has given Betfair three months to revise its internal policies and conduct updated risk reviews to address the failures spotlighted in the first two orders, while a year will be allocated to the latter for the last order.