Betfred Is to Pay £322,000 for Money Laundering Failures
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Petfre Gibraltar Limited, trading as Betfred is to pay over £320,000 after an investigation by the Gambling Commission.
The investigation conducted by the UKGC revealed that Betfred has failed to carry out the appropriate source of funds checks on a customer in 2017.
“to pay £182,000 financial penalty”
That customer has deposited £210,000 and lost £140,000 (of stolen money) in a 12-day period. The fact that this player has deposited and lost such an amount of money in a short period of time shows failings in the casino’s anti-money laundering policies.
The Gambling Commission has settled that Betfred.com is to pay £140,000 to the victim. In addition to that, Petfre Limited is to pay a £182,000 financial penalty, which is to be spent to accelerate the delivery of National Strategy to Reduce Gambling Harms.
More details on the issue can be found on the website of the UKGC.