UKGC fines operator for money laundering failures
The UK gambling watchdog UKGC has set a fine of £322k for Petfre (Betfair) over money laundering failures.
UK.- The UK Gambling Commission (UKGC) has revealed that it fined an online gambling operator for money laundering failures. Petfre (Gibraltar) Limited, which trades as Befred, will have to pay £322k after an investigation from the UKGC.
The investigation showed that Petfre failed to conduct a proper source of funds checks on a customer that had deposited £210k and lost £140k of stolen money in a 12-day period in November 2017.
The customer’s ability to deposit and lose that amount of money in such a period of time indicated that there were failings in the effectiveness of Petfre’s anti-money laundering policies and procedures, the UKGC said.
As part of the settlement with the company, Petfre will return £140k to the identified victim. And it will also make a £182k payment in lieu of a financial penalty. That money will help accelerate the delivery of the National Strategy to Reduce Gambling Harms.
UKGC also fined Silverbond Enterprises
Silverbond Enterprises received a fine for social responsibility and money laundering failings, the regulator said.
The UKGC said that the penalties for Silverbond Enterprises Limited came after an investigation into its Park Lane Club. Two personal management licence holders at the facility also received formal warnings. UKGC informed them of how they must improve their record on protecting players and preventing money laundering.
The regulator explained that social responsibility failings included not recognising the indicators of potential problem gambling. These include a customer displaying violent behaviour, threatening staff and damaging of property. It also featured a customer asking for his winnings to be transferred to his personal bank account to prevent him playing further, and a customer of the casino asking to increase the maximum amount that could be deposited by cheque.
