UK Bookmaker Fined Over Money Laundering Failures

Law360, London (October 11, 2019, 5:27 PM BST) -- Britain's gambling watchdog has slapped bookmaker Betfred with a £322,000 ($407,000) fine over failures in its money-laundering safeguards.

The Gambling Commission said on Thursday that it has fined Petfre (Gibraltar) Ltd., which trades as Betfred, following an investigation that revealed that the U.K. company failed to carry out adequate checks on where £210,000 deposited by a customer over 12 days in November 2017 came from.

The money, of which the gambler lost £140,000, was in fact stolen, the watchdog found. The customer had been convicted of a £2 million fraud and had been spending stolen cash in several gambling operators, the...

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