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  1. Public register
  2. Regulatory action register
  3. Settlement for Petfre (Gibraltar) Limited
Settlement

Petfre (Gibraltar) Limited

Account number:
Decision date:
10 October 2019
Outcomes:
Divestment, Payment in lieu of financial penalty, Public statement and Commission costs

Details

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.

For more information, please see the Commission’s public statement which can be found on our website.

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