Wednesday 15. June, 2016

Betfred to Pay More than £800,000 Following UKGC Probe

UK-based bookmaker, Betfred, has agreed to pay more than £800,000 in compensation and as a contribution to a socially responsible cause after a probe by the UK Gambling Commission into their controls of their anti-money laundering policies.

The license review by the UKGC began after a Betfred customer was found guilty and jailed for three years and four months for stealing £856,700 from his employer and gambling a large portion of the stolen money with the bookmaker. Matthew Stevens had been a VIP customer at the bookmaker and had been among the top five percent of customers according to profits and spending. The UKGC found that Betfred had failures in its anti-money laundering and social responsibility practices.

Betfred has ‘voluntarily’ agreed to pay £787,500, with £443,000 to be paid to the victims of the crime and £344,500 going to socially responsible causes. It will also pay £30,240 to cover the commission’s investigative costs.

“The commission has now concluded a wide range of cases over the last ten months leading to around £3.75 million in penalty packages,” announced Richard Watson from the commission. “The outcomes and findings in these cases provide a clear signal to operators of the need to learn the lessons from these for social responsibility and money laundering controls, or risk facing tougher sanctions.”

Betfred responded that it had noted the findings of the commission and has improved its policies as a result.

The commission has required Betfred to conduct an independent third party review of its anti-money laundering and social responsibility policies and the company assured that it is committed to working with the commission to this end. The required review will focus on customer due diligence, improvements in due diligence and continuing monitoring practices.

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