Petfre to 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 that the operator failed to carry out adequate source of funds (SOF) 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 on accelerating the delivery of the National Strategy to Reduce Gambling Harms.Previous page
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Last updated: 23 September 2020
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