Paddy Power Betfair fined after stolen money is bet through its site
16 October 2018
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Paddy Power Betfair has actually been fined ₤ 2.2 m for stopping working to stop stolen money being gambled through its site and for failing to protect clients revealing indications of problem betting.
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The Gambling Commission stated the yohaig code bookie's failings suggested "substantial quantities of stolen cash streamed through their exchange".
One customer used cash defrauded from his employer, Birmingham Dogs Home.
Paddy Power Betfair apologised and said it had actually enhanced its treatments.
the yohaig code regulator said Paddy Power Betfair's behaviour was merely not acceptable.
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A Gaming Commission examination, external also discovered that the bookmaker stopped working to properly communicate with customers who were displaying signs of issue betting.
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"These failings all come from one simple principle - operators should know their customer," stated Richard Watson, Gambling Commission executive director.
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"If they understand their consumer and ask the right questions then they position themselves in a strong position to satisfy their anti-money laundering and social duty obligations."
'Very sorry'
As part of the settlement, Paddy Power will make a ₤ 1.7 m payment to GambleAware, the independent charity that commissions research study, education and treatment services to minimize gambling-related damage in the yohaig code UK.
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Paddy Power Betfair president Peter Jackson stated: "We have a duty to intervene when our clients show indications of issue betting. In these 5 cases our interventions were ineffective and we are extremely sorry that this happened.
"In current years, we have bought a substantial program of work to enhance our resources and systems in responsible betting and customer defense. We are encouraged that the Gambling Commission has actually recognised substantial enhancement since the time of these cases in 2016."
The commission's questions centred on five consumers in 2016, consisting of 2 who were allowed to bet taken money - one of whom had actually defrauded his company, Birmingham Dogs Home.
Simon Price, who was chief executive of the yohaig code canines home, and his wife Alayna admitted cheating the charity of ₤ 894,754 to money his betting addiction.
Mr Price was jailed for five years at the end of 2017, while Mrs Price was given a two-year suspended term.
As part of Paddy Power's settlement with the Gambling Commission, the cash will be returned to the dogs home.
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Shares in Paddy Power Betfair increased 3.4% in late trading in London.
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William Hill fined for lax criminal controls
20 February 2018
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Paddy Power Betfair Fined after Stolen Cash is Gambled through Its Website
coynixon662220 edited this page 2025-10-21 21:37:09 +08:00