UKGC fines Petfre for 322,000


(PRESS RELEASE) -- An online gambling operator will pay 322,000 for money laundering prevention failures.

Petfre (Gibraltar) Limited, trading as Betfred, will make the payment following an investigation by the U.K. Gambling Commission.

The investigation 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. 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 Petfres anti-money laundering policies and procedures.

As part of this settlement Petfre will return 140,000 to the identified victim and make a 182,000 payment in lieu of a financial penalty, which will be spent accelerating delivery of the National Strategy to Reduce Gambling Harms.

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