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Gaming company fined 50,000 euros for money laundering

Åland-based betting company Paf has been fined 50,000 euros for failing to investigate the origins of a client's money working as a bookkeeper.

PAfin nettipeli tietokoneen ruudulla.
Image: Yle

Åland-based gaming company Paf has been sentenced to pay a fine of 50,000 euros for negligent money laundering.

One of the company’s clients had placed bets with Paf for years using money she had defrauded. According to the Åland District Court, Paf acted negligently by not looking into where the money originated from even though it was known to the company that the client was employed as a bookkeeper.

According to the charges, Paf first noticed the woman’s excessive gambling habit in May 2011 and contacted her to figure out whether the gambling habit was uncontrollable. Only in January 2012 Paf alerted authorities about its suspicion of money laundering, but nevertheless allowed the woman to continue betting. In October 2012 the woman's account was closed on her own initiative.

The same court convicted the woman of fraud and embezzlement in several cases.

The charges against Paf's former CEO were dropped.

Sources: Yle

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