Betfair reprimanded in Denmark over AML breaches


On July 6th 2023, the Danish Gambling Authority has given Betfair International Plc three orders and a reprimand for breaching section 7(1) of the AML Act on risk assessment of the AML Act on business procedures and section of the AML Act on controls.

Order a) is issued because Betfair in their risk assessment did not separately risk assessed the individual inherent risks connected to Betfair’s business model. 

Order b) is issued because Betfair’s written business procedures for customer due diligence measures does not sufficiently cover that customer due diligence measures must be performed at the appropriate time in accordance with the requirements of section 10(1)(1) of the AML Act. 
Order b) is issued because Betfair’s written business procedures regarding the screening of employees does not consider how Betfair ensures that Betfair is made aware if an employee during their employment is convicted of a criminal offence which increases the risk of the employee misusing their job for purposes of money laundering or financing of terrorism. 

Order b) is also issued because Betfair’s written procedures does not sufficiently cover internal controls in accordance with the requirements of section 8(1) of the AML Act. Betfair’s written business procedures does not sufficiently describe Betfair’s control measures, including how often internal controls are conducted and, in detail, how the internal controls are conducted. 

Order c) is issued because Betfair does not have documentary evidence that Betfair has conducted controls in the areas of risk management, customer due diligence measures, the obligations to investigate, register and notify, record-keeping, screening of employees and internal controls with a sufficient frequency.