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bet365 reprimanded by Danish regulator for due diligence violations

Thursday 26 May 2022 12:01 CET | News

The Danish Gambling Authority (DGA) has reprimanded bet365 for a compliance failure relating to two licensing conditions. 

Referring to the sports betting and igaming brand by the name of its business entity Hillside (New Media) Ltd, the Danish regulator stated that bet365 had allowed a ‘young player’ to deposit DKK 190,000 (EUR 25,500) to his account in under a year. SBC News explains that this was done without the company holding sufficient knowledge of whether the player’s funds originated from criminal matters.

Additionally, the DGA asserted that bet365 should have taken the opportunity to investigate the origin of the funds in more detail due to the age of the player compared to the amount paid. 

The DGA’s reprimand of bet365 comes shortly after the authority revealed that compliance checks into gambling arcades and pubs had resulted in the opening of over 250 criminal cases between 2019 and 2021. 
Additionally, the regulator also updated Danish gambling industry stakeholders earlier this year that it had blocked a total of 55 websites for illegal/unlicensed gambling during 2021, the highest figure in a single year.

More: Link


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Keywords: fraud detection, gambling, compliance, financial crime
Categories: Fraud & Financial Crime
Companies: bet365, Danish Gambling Authority (DGA)
Countries: Denmark
This article is part of category

Fraud & Financial Crime

bet365

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Danish Gambling Authority (DGA)

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