Gambling operator Petfre (Gibraltar) Ltd., trading as Betfred, has agreed to pay the amount of £800,000 to compensate for poor anti-money laundering and responsible gambling policies and to contribute to socially responsible causes as part of a settlement with the UK Gambling Commission, after the gaming company’s license had been reviewed by the gambling regulator.
As announced by UK’s regulatory body, the imposed payment comes as a result from the gaming provider’s failure to comply with provisions of the current gambling regulations, especially ones regarding anti-money laundering prevention and promotion of responsible gambling.
The UK Gambling Commission investigated Betfred and reviewed its license after a court case that was concluded with a Betfred online VIP player being imprisoned for more than 3 years for stealing £856,703.80 from its former employer and spending a significant amount of the stolen money on gambling mainly on Betfred’s website.
The player was investigated and as part of the investigation, Betfred was expected to look into the matter itself. The UK Gambling Commission has found out that the gaming operator was in breach of certain provisions of the Money Laundering Regulations 2007. And under the terms of its UK license, the company is expected to adhere to the said regulations as well as to a number of others.
Following the UK Gambling Commission’s investigation, it was found out that Betfred had failed to monitor the player’s money transactions “on a risk-sensitive basis.” In addition, it appears that the gambling operator had not carried out sufficient enquiries into the customer’s increased activity and losses.
As a result from its failure to comply with the relevant gambling regulations, Betfred has agreed to pay the total amount of £787,500. Of it, £443,000 would be paid to those considered to be the victims of the criminal activities. The remainder is to be spent on different socially responsible causes as determined by the UK Gambling Commission.
The gaming operator will also cover the costs related to the investigation carried out by the gaming regulator. In addition, an independent third-party review is expected to be arranged by Betfred. The company will also have to have its anti-money laundering and social responsibility policies audited and updated as recommended by the third-party reviewer.
