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Simon Deloit October 10, 2019 3 min read
UKGC Issues £322,000 Fine, Betfred Accepts AML Shortcomings
Betfred has been fined over AML shortcoming, the UK Gambling Commission revealed on October 10.
UKGC Issues £322,000 Penalty for Betfred
Today, October 10, the UK Gambling Commission (UKGC) issued a £322,000 fine to Petfre Gibraltar Limited, better known for its flagship gaming brand Betfred. Following an investigation by the Commission, Betfred has been identified as non-compliant with specific money laundering failures.
Based on the Commission’s report, Betfred has failed to ensure proper AML in one instance two years ago. A customer who deposited $210,000 and lost £140,000. The money was stolen. The player deposited back in November 2017, but Betfred had failed to comply with the necessary AML measures within the 12-day window.
Moreover, the UKGC explained that if a customer could deposit and lose as much money in that specific short period, then Betfred’s AML policy was lacking.
“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,” the regulator specified.
On this occasion, Betfred has been sentenced to pay back the £140,000 and contribute £182,000 to the National Strategy to Reduce Gambling Harms.
The penalty is part of an agreement between the UKGC and Betfred, which have agreed to make the investigation public. Betfred agreed to public disclosure in order to help the UK Commission use this example as a deterrent to other operators.
Furthermore, Betfred has agreed to cover the investigative costs amounting to £15,168.42. In other regulatory news, the company was cleared of ASA advertisement allegations in April.
A Bon Mot for Betfred
Despite the identified failings, the Commission had good things to say about the operator, pointing to the collaboration received during the investigation. Betfred provided all the essential information necessary for concluding the investigation in a timely fashion.
The UKGC specified that Betfred’s failure didn’t come from the absence of AML measures, but rather specific breaches that have happened before.
Furthermore, the Commission stated that the case provided valuable learning experience to all gambling operators who conduct their business online.
Betfred has had a clean slate in recent years, and the fact that the case dates back to 2017. Betfred’s last fine was issued in 2016 after a license review by the UKGC which led to an £800,000 penalty at the time.
The company has stepped up its compliance policies since then and has been an exemplary operator.