Betfred set to pay large fine for poor policies

The gambling operator Petfre Ltd, who is trading in the United Kingdom as Betfred has agreed to pay a large fine to compensate for its poor anti-money laundering policies, as well as its responsible gambling policies. On top of this, it has also agreed to contribute to responsible gambling programs as part of its agreement with the UK Gambling Commission. This comes after the commission reviewed Betfred’s gambling licence.

Betfred and its Blunder

This fine comes after the UK Gambling Commission discovered that the company had failed to comply with its current gambling regulations. In particular, the UK Gambling Commission found that it hadn’t properly complied with its anti-money laundering prevention and the promotion of responsible gambling.

The investigation into Betfred was brought about by a court case that was recently concluded. In this court case, a Betfred VIP player was sentenced to three years in prison for stealing £856 000 from their former employer. A large portion of this money was then spent at Betfred’s website. This case caused the UK Gambling Commission to investigate Betfred and review its license.

As the investigation of the VIP player began, Betfred was expected to look into the incident itself. However, the UK Gambling Commission found that the firm was in violation of certain provisions of the Money Laundering Regulations 2007, which it is expected to adhere to in terms of its UK license.

Where Betfred went wrong

The UK Gambling Commission found that it had failed to adequately monitor the player’s money transactions on a risk sensitive basis, along with not carrying out enough enquiries as to why the player was far more active all of a sudden, and losing a lot more money.

As a result of the UK Gambling Commission’s decision, Betfred has agreed to pay an amount of £787 500. Of this total amount, £443 000 will be paid out to those who were the victims of criminal activities, presumably the VIP player’s former employer, while the rest will be spent on socially responsible causes, which will be chosen by the commission.