⭐Best Online Casinos For 2019⭐
⭐Best Online Casinos For 2019⭐
Bitcoin Casino
Visit Bitcoin Casino
Roaring21 Casino
Visit Roaring21 Casino
CasinoMax Casino
Visit CasinoMax Casino
Cherry Jackpot Casino
Visit Cherry Jackpot Casino
Gambling Commission Orders Betfred To Pay Compensation Over Shortcomings In Anti-Money Laundering Procedures
Gambling Commission Orders Betfred To Pay Compensation Over Shortcomings In Anti-Money Laundering Procedures
Europe

Gambling Commission Orders Betfred To Pay Compensation Over Shortcomings In Anti-Money Laundering Procedures

The UK Gambling Commission has ordered gambling operator Betfred to pay a compensation package of £ 322,000 for shortcomings in its anti-money laundering procedures.

The Gambling Commission found that a convicted fraudster was investing stolen money through several gambling operators.

The case involves Petfre (Gibraltar) Limited, which is trading as Betfred and owner of a joint remote operating license.

The fraudster opened several accounts in a very short time. He was making big deposits and also experiencing big losses. He invested £ 210,000 over a 12-day period in November 2017 and lost £ 140,000.

The Gambling Commission in its statement said: “The management of this customer in relation to anti-money laundering raised significant concerns regarding the effectiveness of the policies and procedures that Petfre had in place, and its management of risks to the licensing objectives. Since this incident, Petfre has made improvements to its AML procedures to prevent a recurrence of the failings.”

The UKGC ordered the fine as it found that there were “clear failings in the effectiveness of Petfre’s policies and procedures”.

Last week, the UK Gambling Commission (UKGC) issued strict reminders to all licensed gambling and betting operators and asked them to make sure that consumers are not unnecessarily disadvantaged if the company decides to leave the market voluntarily or involuntarily.

In its statement the gambling regulator said that “one of the principles of our regulation is that gambling should be fair and open.”

“We expect license holders to: conduct their business with integrity; maintain adequate financial resources and have due regard to the interests of consumers and treat them fairly,” it added.

About the author

Harry Matthew

Harry Matthew

Harry serves as a resident reporter for Casino Buzz. He has been responsible for building the content base and forms the core reporting strategies for the website. Along with reporting, Harry is an amazing baseball player with good record at university level. He can be reached at [email protected]

Add Comment

Click here to post a comment