The Danish regulator Spillemyndigheden reprimanded Bet365 for failing to conduct due diligence on a customer with high spending.
Spillemyndigheden found that this was a violation of the Danish Money Laundering Act.
The breach related to a case in which a young player was able to deposit approximatively DKK190,000 (PS21,660/EUR25,537/$27,243) into their gambling account over one year, with Bet365 having insufficient knowledge of whether the funds originated from criminal activity.
Spillemyndigheden stated that Bet365 should have conducted due diligence on players based on their age and deposit amount. This would include obtaining the income of the player.
Bet365, however, did not conduct any investigation into the player’s activities, and did have no notes on his past. The operator failed to comply with their obligations in relation to customer due diligence, investigation and listing.
The regulator found that Bet365 had violated Section 10, paragraph 1, and Section 11, subsection 1 of the Money Laundering Act, as well as the rules on due diligence for customers in Section 25, no. The Money Laundering Act has two sections: Section 11 subsection 1, as well as Section 10, no.
Spillemyndigheden stated that rules relating to due diligence procedures for customers, the duty to investigate or list and other duties are essential to this Act. It warned that any violation could result in an injunction, warning or in the case of more serious cases or repeat offenses, reporting to police.
Spillemyndigheden, however, said that it will not prosecute Bet365. It noted the operator’s new procedures in customer due diligence and investigations.
The regulator has warned Bet365 about the violations of the rules.
