Betfred owners fined for money laundering failures
Petfre (Gibraltar) Limited, trading as Betfred, has been demanded to make a £322,000 (USD 393,000) payment for money laundering failures following an investigation by the UK Gambling Commission.
Petfre to pay £322,000 for money laundering failures https://t.co/0yxFiaFT7J
— Gambling Commission (@GamRegGB) 10 de octubre de 2019
The investigation revealed the operator failed to carry out adequate source of funds checks on a customer who deposited £210,000, and lost £140,000, of stolen money in a 12-day period in November 2017. A customer being able to deposit and lose such significant amounts in such a short period of time clearly indicated failings in the effectiveness of Petfre’s anti-money laundering policies and procedures.
As part of this settlement, Petfre will return £140,000 to the identified victim and make a £182,000 payment in lieu of a financial penalty which will be spent accelerating delivery of the National Strategy to Reduce Gambling Harms.
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