Flutter predecessor Paddy Power Betfair paid £2.2 million over anti-money-laundering and social-responsibility failures
Company: Flutter Entertainment plc
Summary
The UK Gambling Commission announced that Paddy Power Betfair would pay a £2.2 million regulatory settlement after an investigation identified social-responsibility and anti-money-laundering failures. The regulator found that the operator failed to interact adequately with customers displaying signs of problem gambling and failed to conduct adequate anti-money-laundering checks. The Commission reported that significant amounts of stolen money were consequently gambled through the operator. Flutter Entertainment was named Paddy Power Betfair plc at the time and adopted the Flutter Entertainment name in 2019. This record therefore concerns the same corporate group under its former name. Source / proof: UK Gambling Commission: https://www.gamblingcommission.gov.uk/news/article/paddy-power-betfair-to-pay-penalty-package-for-social-responsibility-and
Record details
- Category
- Corporate Misconduct
- When it happened
- October 16, 2018–October 16, 2018
- Status
- Resolved (October 16, 2018)
- Severity
- high
- Added to Rotten Company
Source
No source document is attached to this record. It was approved under our moderation guidelines.