Petfre to pay £322,000 for money laundering failures
10 October 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.
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.
Public statements are only available online for 3 years from the date of issue. If you require a copy of a historic public statement, contact us with details of the statement you require.
Note to editors
- More information about how we regulate the gambling industry.
- Useful statistics on the gambling industry.
- Our approach to enforcement.
- Journalists can contact our press office on 0121 230 6700 or email: firstname.lastname@example.org
For all media enquiries, please contact the Gambling Commission press office.
Last updated: 3 March 2021
Show updates to this content
No changes to show.