October 10 2019
An online gambling operator will pay £322,000 for money laundering failures.
Petfre (Gibraltar) Limited, trading as Betfred, will make the payment following an investigation by the Gambling Commission.
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.