$/€ Betfred Fined £3.25M for Breaking Money Laundering Rules
Lina Almans
24 July 2023
Comment 0
British bookmaker Betfred has been hit with a hefty £3.25 million ($4.51 million) fine by the UK Gambling Commission (UKGC) for breaking anti-money laundering and social responsibility rules.
The UKGC found that Betfred, which runs 1,750 betting shops in the UK, failed to protect new players and monitor their spending and playing time, which could lead to huge losses for individual players.
The bookmaker also failed to follow anti-money laundering laws, as it did not consistently check the identity and source of funds of its customers when they reached certain thresholds.
The UKGC’s executive director of operations, Kay Roberts, said: “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 broke the rules from January 2021 to December 2022.
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