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Petfre (Gibraltar) Limited

Account number

39544

Head office address

5.2 Waterport Place, 2 Europort Avenue,
Gibraltar, GX11 1AA, Gibraltar

Regulatory actions

Settlement
What is a settlement?

Following an investigation into a licence holder we may enter into a regulatory settlement. These take place, for example, where the licence holder has been open and transparent with us and has shown a willingness to suggest actions that prevent the need for a more formal sanction.

Decision date: 10 October 2019

Outcomes: Divestment, Payment in lieu of financial penalty, Public statement and Commission costs

Details of action

The Commission carried out an investigation into Petfre (Gibraltar) Limited which 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. This indicated failings in the effectiveness of Petfre’s anti-money laundering policies and procedures.

The investigation found that the operator breached licence condition 12.1.1 and a failure to act in accordance with ordinary code provision 2.1.2 of the LCCP.

In line with our Statement of principles for licensing and regulation, Petfre has agreed to a regulatory settlement consisting of:

  • divestment of the gross gambling yield of £140,000 lost by the customer. This money is to be returned to the victim whose money was stolen
  • a payment in lieu of financial penalty of £182,000 which we will direct to work, and which will be spent accelerating delivery of the National Strategy to Reduce Gambling Harms
  • agreement to the publication of a statement of facts in this case
  • payment of £15,168.42 towards the Commission’s investigative costs.

Agreement to the publication of a statement of facts in relation to this case - with the news story/ public statement being linked off the "a statement of facts".

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