The UK Gambling Commission and Betfred have agreed a settlement of £3.25 million following an investigation which revealed social responsibility and anti-money laundering (AML) failures.
Betfred to Pay £3.25 Million Following Gambling Commission Investigation, Done Bros (Cash Betting) Limited, trading as Betfred, failed in its responsibility to protect its customers while also having ineffective AML procedures and protocols. The failings happened at the UK bookmaker between January 2021 and December 2022.Social responsibility failures
- Insufficient controls to protect new customers
- Ineffective monitoring of play and duration without safer gambling interaction
- Assuming that winning customers were not potential problem gamblers – no gambling interactions for a customer who staked £517,499 over two months
- No evidence or record keeping of effectiveness of customer interactions
Anti-money laundering failures
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Betfred to Pay £3.25 Million Following Gambling Commission Investigation
- Poor record keeping
- Failing to consistently obtain appropriate ‘know your customer’ identification and Source of Funds (SoF) documentation when thresholds met
- Relying on open-source information
Kay Roberts, executive director of operations at the Commission, said:
Betfred to Pay £3.25 Million Following Gambling Commission Investigation Betfred to Pay £3.25 Million Following Gambling Commission Investigation“In recent years there’s been a public focus on online gambling but this case illustrates how important it is for us to continue our drive to raise standards across the whole industry.
Betfred to Pay £3.25 Million Following Gambling Commission Investigation
Olivia Richardson
Olivia has worked as an editor and writer for major brands across multiple niches. She now focuses on the iGaming and sports betting industries.