Home » Betfred penalized following anti-money laundering failings

Betfred penalized following anti-money laundering failings

Betfred have been penalized 322k Euros after failing to find out whether one of its high volume customers support them using stolen cash. The UK Gambling Commission stated on Thursday that it reached a settlement with Betfred’s parent company Petfre (Gibraltar) Limited which will see the company return 140k euros in pilfered funds and make 182 thousand euros payment in lieu of a financial penalty and pay costs of 15 thousand euros. The 182 thousand euros are set to go towards accelerating the UKGC’s National Strategy to Reduce Gambling Harms.

The UKGC started scrutinizing Betfred after getting info about a customer who was convicted of 2 million euros fraud, most of which ended up being spent through several UK bookmakers. In Betfred’s case, the customer deposited 210 k euros and lost 140 k over 12 days in November 2017.

Source: https://calvinayre.com/2019/10/10/business/betfred-322k-settlement-anti-money-laundering-failings/


About the author

Eshlin Vedan

Eshlin Vedan

Eshlin Vedan is a professional Journalist from South Africa. He loves writing about Sports especially cricket and football/soccer. Eshlin is a neutral when it comes to club football. He is especially fond of the English Premiership and his favourite part of the season is the relegation battle.

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