The Danish gambling regulator Spillemyndigheden has accused Betfair of breaching several sections of its Anti-Money Laundering (AML) Act, iGaming Business reported July 11.
The regulator issued the order July 6. Specifically, it says Betfair, which is owned by Flutter Entertainment, violated Section 7(1) on risk assessment, Section 8(1) for business procedures and Section 8(1) again for controls.
The regulator said Betfair did not assess individual risks connected to its business model. It added that it doesn’t perform customer due diligence in a timely manner, as required. Additionally, the company doesn’t do enough to inform itself if an employee is convicted of a crime.
Spillemyndigheden issued orders requiring that Betfair take actions to rectify its breaches, and to submit its risk assessment and business procedures before it implements them. It must do this within three months.
The operator was fined for similar breaches in Sweden in April.
