Betfred is to pay a £322,000 regulatory settlement over failures in its anti-money laundering policies that allowed a fraudster to gamble three-figure sums with the operator in 2017.
The Gambling Commission said today that Petfre (Gibraltar) Limited, which trades as Betfred, had owned up to lapses in due diligence that allowed a customer to deposit £210,000 and lose £140,000 in stolen money over 12 days in November 2017.
"A customer being able to deposit and lose such significant amounts in such a short period of time clearly indicated failings in the effectiveness of Petfre’s anti-money laundering policies and procedures," said the regulator.
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