The UK Gambling Commission (UKGC) has imposed a fine of £322,000 on online gambling operator Petfre, trading as Betfred, for money laundering failures.
An investigation by the Gambling Commission revealed that 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.
