Betfred Fined £322,000 in UK

Retail and online gaming operator Betfred has been fined £322,000 by the UK Gambling Commission following an investigation into the company's anti-money laundering policies.

The company failed to ensure anti-money laundering procedures two years ago when a player used stolen funds to deposit £210,000 and lost £140,000. Despite the large deposit and losses, the company conducted none of the checks that were required. The fine will be broken down as requiring Betfred to repay £140,000 in stolen funds to the victim, with a further £182,000 going to the National Strategy to Reduce Gambling Harms.

The regulator's report stated in part: "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 (the parent company of Betfred) anti-money laundering policies and procedures."

Betfred agreed that they were at fault in the investigation, and they're picking up the investigation cost of £15,168.42. This is the first fine for the company since 2016.

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bgsharpe
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10 October 2019 - 6:25pm
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Obviously a quite rare fine but a hefty one for Betfred and we must agree they've done wrong.

So a £140,000 in stolen funds have been lost and it's a bit weird they didn't make any of the needed checks at all from where's the funds exactly coming from...but that's somewhat of a happy end story for the victim I guess.

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