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Paddy Power fined £2.2m after stolen money gambled

by LLB Reporter October 16, 2018

written by LLB Reporter 16^th Oct 18 7:16 am

Paddy Power Betfair has been slapped with a £2.2m fine for not stopping stolen money being gambled through its website.

The Gambling Commission said the bookmaker’s failings meant “significant amounts of stolen money flowed through their exchange”.

The regulator added that this was “simply not acceptable”.

Paddy Power Betfair apologised and said it had strengthened its procedures.

“These failings all stem from one simple principle – operators must know their customer,” said Richard Watson, Gambling Commission executive director.

“If they know their customer and ask the right questions then they place themselves in a strong position to meet their anti-money laundering and social responsibility obligations.”