Betfred To Pay £322,000 Due To Money Laundering Failures

You would think casinos would learn their lesson and be prepared for anything. Especially since so many have received hefty fines over the last couple of years. ‘Silverbond was fined £1.8m due to failing in its anti-money laundering responsibilities‘. ‘Ladbrokes coral group was ordered to pay 5.9m due to failing to put effective safeguards in place to prevent consumers from suffering gambling harm. Now Betfred has been ordered to pay £322,000 due to money laundering failures.

Reasons For This Fine

This fine was given by the gambling commission. The operator failed to carry out a satisfactory source of funds check on one customer who deposited £210,000 and managed to lose £140,000 of this in 12 days. This is a clear red flag that should have been looked into. However, no action was taken in this matter. It is also a big fail of Betfred’s anti-money laundering policies and procedures. Part of this fine is Betfred returning £140,000 to the individual and £182,000 as a financial penalty. Which totals to a big fine of £322,000. After so many fines you would think these operators would learn. But instead of putting more money towards these simple checks and procedures, they pay fines thanks to the gambling commission. Let’s hope there are no fines for a while.