Paddy Power Betfair Fined after Stolen Cash is Gambled through Its Website
Paddy Power Betfair fined after stolen money is bet through its website
16 October 2018
Paddy Power Betfair has been fined ₤ 2.2 m for failing to stop taken money being gambled through its site and for failing to secure consumers showing indications of issue gaming.
The Gambling Commission stated the bookie's failings meant "considerable amounts of stolen cash streamed through their exchange".
One client utilized cash defrauded from his employer, Birmingham Dogs Home.
Paddy Power Betfair apologised and stated it had actually strengthened its procedures.
The regulator stated Paddy Power Betfair's behaviour was just not appropriate.
A Gaming Commission investigation, external also found that the bookie stopped working to adequately engage with consumers who were displaying indications of issue gaming.
"These failings all come from one simple principle - operators should know their consumer," stated Richard Watson, Gambling Commission executive director.
"If they know their customer and ask the ideal questions then they position themselves in a strong position to fulfill their anti-money laundering and social duty commitments."
'Very sorry'
As part of the settlement, Paddy Power Betfair will make a ₤ 1.7 m payment to GambleAware, the independent charity that commissions research study, education and treatment services to lower gambling-related damage in the UK.
Paddy Power Betfair chief executive Peter Jackson stated: "We have a duty to step in when our clients reveal indications of problem gambling. In these 5 cases our interventions were not efficient and we are very sorry that this took place.
"In recent years, we have actually bought an extensive program of work to strengthen our resources and systems in accountable gaming and consumer defense.
Paddy Power Betfair fined after stolen money is bet through its website
16 October 2018
Paddy Power Betfair has been fined ₤ 2.2 m for failing to stop taken money being gambled through its site and for failing to secure consumers showing indications of issue gaming.
The Gambling Commission stated the bookie's failings meant "considerable amounts of stolen cash streamed through their exchange".
One client utilized cash defrauded from his employer, Birmingham Dogs Home.
Paddy Power Betfair apologised and stated it had actually strengthened its procedures.
The regulator stated Paddy Power Betfair's behaviour was just not appropriate.
A Gaming Commission investigation, external also found that the bookie stopped working to adequately engage with consumers who were displaying indications of issue gaming.
"These failings all come from one simple principle - operators should know their consumer," stated Richard Watson, Gambling Commission executive director.
"If they know their customer and ask the ideal questions then they position themselves in a strong position to fulfill their anti-money laundering and social duty commitments."
'Very sorry'
As part of the settlement, Paddy Power Betfair will make a ₤ 1.7 m payment to GambleAware, the independent charity that commissions research study, education and treatment services to lower gambling-related damage in the UK.
Paddy Power Betfair chief executive Peter Jackson stated: "We have a duty to step in when our clients reveal indications of problem gambling. In these 5 cases our interventions were not efficient and we are very sorry that this took place.
"In recent years, we have actually bought an extensive program of work to strengthen our resources and systems in accountable gaming and consumer defense.