Petfre (Gibraltar) Limited
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".