Danes scolde Betfair for violating Anti-Money Laundering Law

As a result of Betfair International's violation of the AML Act, the Danish Gambling Authority has issued three orders and a reprimand.

The AML Act's sections 7(1) on risk assessment, 8(1) on business procedures, and 8(1) on controls were all violated by Betfair, leading to an order for their removal from the company. The violation of company procedures resulted in Betfair receiving a further reprimand.

Because Betfair did not conduct its own risk assessment of the hazards associated with its business strategy, a breach of risk assessment order was issued against the company.

Betfair was subject to a second order because their documented business practices for client due diligence measures do not adequately address the need to execute these checks at the proper time as required by the legislation.

Betfair runs the danger of having workers who are convicted of crimes abuse their position to launder money or fund terrorists because its screening procedures do not take this into account. 

According to the Act, Betfair's published procedures do not adequately address internal controls. It fails to adequately outline Betfair's control procedures, such as the frequency and methodology of internal control testing. 

Betfair was issued the third order due to its lack of documentation showing that it has adequately monitored its risk management, customer due diligence, record-keeping, employee screening, registration and notification, investigation, and internal control processes. 

Betfair has been granted an extension of three months to rectify the initial two orders and an additional twelve months to present the necessary paperwork for the third.