Featured Gambling

UK gambling: Paddy Power Betfair gets £2 million penalty over money laundering, KYC

The Gambling Commission has penalised Paddy Power Betfair (PPB) for failing to conduct adequate anti-money laundering checks and protect customers, as well as for allowing clients to gamble ‘significant’ sums of stolen money on its betting exchange. PPB will pay a penalty package of £2.2m, the Commission said, after… Read More

Stephen Platt, Chair of the KYC Technologies Group, on the impact of tech on AML compliance

Stephen Platt, Chairman of KYC Technologies, offers an optimistic perspective on the impact of technology on AML compliance. Read More
17th October 2018
The Gambling Commission has penalised Paddy Power Betfair (PPB) for failing to conduct adequate anti-money laundering checks and protect customers, as well as for allowing clients to gamble ‘significant’ sums of stolen money on its betting exchange. PPB will pay a penalty package of £2.2m, the Commission said, after… Read More
8th June 2018
The main bodies of the European Union have agreed on new legislation outlining criminal offences and sanctions regarding money laundering, part of a directive aimed at combating financial crime across the bloc. Currently, the differences between EU countries in defining and sanctioning money laundering offences affects cross-border police and… Read More
22nd May 2018
The German government will help German firms with business in Iran where it can, but cannot entirely shield them from the U.S. decision to quit the Iran nuclear deal and reimpose sanctions against Tehran, the economy minister told a newspaper. European companies conducting business in Iran face U.S. sanctions after… Read More
13th April 2018
A Greek court on Thursday ruled against extraditing a former bank employee who ignited a political scandal in Malta when she became a source for an investigative journalist who was murdered last year. Maria Efimova, a Russian who left Malta for Greece last year with her family, surrendered to Greek… Read More
20th February 2018
Owners of pubs or clubs with gaming machines will have to appoint a compliance officer and adopt employee due diligence programmes under new guidance published in Australia on Monday. Regulator Austrac, which issued the rules, said firms operating in this bracket should develop an anti-money laundering (AML) and counter… Read More
20th February 2018
The Gambling Commission has ordered the William Hill Group (WHG) to pay a penalty of at least £6.2 million for breaching anti-money laundering (AML) and social responsibility regulations. The regulator conducted an investigation which revealed that between November 2014 and August 2016 commited a number of irregularities. It found that… Read More
5th January 2018
Britain’s gambling watchdog has launched a crackdown on the sector after a review raised serious concerns pertaining to financial crime. Following its thematic review of the sector, the Gambling Commission decided to write to all online casinos, outlining what it expects of them regarding tackling money laundering and meeting their… Read More
26th December 2017
Horse racing has been suspended at the Palermo racetrack after Italian police investigating mafia activity discovered illegal gambling and evidence that Cosa Nostra bosses were rigging races. The order, from the head of the Palermo prefecture, Antonella De Miro, followed the arrests earlier in December of 25 people linked to… Read More
6th December 2017
By Sam Cooper, Vancouver Sun Preliminary recommendations from a review into B.C. casino money laundering allegations say that casino operators must complete increased customer source of funds reporting for big cash deposits and a controversial form of currency known as ‘bearer bonds.’ And secondly, government regulators must maintain a… Read More
16th November 2017
KYC360 News The United Kingdom’s Financial Conduct Authority has issued a warning against investing in complex financial structures with cryptocurrencies as the underlying investment. Placing money in contracts for differences (CFDs), such as financial spread bets, could result in money being lost rapidly and price volatility, the FCA said. Read More
Must Read

Germany: Santander bank caught up in major tax evasion investigation

Prosecutors in Germany have launched a probe into the role Spanish bank Santander may have played in a widespread tax fraud scheme. The probe, which has seen the authorities examine the role of other banks, looks at allegations that Santander executed trades that facilitated ‘severe tax evasion’ between 2007 and… Read More

Denmark investigates Nordea Bank over money laundering allegation

Denmark’s state prosecutor has launched a probe into a complaint that Nordea Bank facilitated money laundering. The Danish State Prosecutor for Serious Economic and International Crime declined to name the firm that made the allegations, but said in a tweet: “We can confirm that we have received a report… Read More