David Clifton is quoted in an EGR Compliance article entitled “Betfred to pay £322k for AML failings”, reporting on today’s announcement by the Gambling Commission of a regulatory settlement, under which Petfre (Gibraltar) Limited (trading as Betfred) is required to pay £322,000 for anti-money laundering failings. You can download the EGR article below.
David’s fuller comments (included within our previous website posting) are as follows:
In terms of our own comment on this latest enforcement action by the Gambling Commission, a new customer depositing £210,000, of which £140,000 was lost, all within a 12 day period, should have raised all manner of alarm bells. Betfred seem to have heard those bells ringing because they twice requested source of funds information, but then seemingly did nothing when the customer failed to provide it. This certainly highlights the need not only for effective EDD in such circumstances but also for effective customer interactions – a subject that will take on even greater importance when the updated LCCP requirements in this respect come into force at the end of this month. That Betfred did not incur any greater penalty is no doubt down to the constructive manner in which they responded to the Gambling Commission’s investigation. All UK licensed operators – including very importantly those located overseas – should take careful note of the learning to be derived from this case, as set out in the Commission’s public statement.
The public statement to which David refers can also be downloaded below.