£800,000 compensation to be paid by Betfred due to the license review
The investigation was initiated once the court managed to conclude on the case concerning Betfred’s customer was put in prison for the period of three years and four months for admitting to steal from him employer. The case would not be much related to Betfred, if not for the fact that a significant part of the stolen amount of money was spent with the bookmaker.
According to the findings and the conclusion, The UK Gambling Commission stated that the company is responsible for making some “failures” as far as its anti-money laundering as well as social responsibility polices.
According to the provisions of the settlement, the compensation will be divided into two: £443,000 will be given to the victims of criminal activities and the second part, which is £344,500 Betfred will pay, in lieu of a financial penalty, to socially responsible causes, as indicated by The UK Gambling Commission.
What is even more, Betfred wishes also to pay the investigation costs of The UK Gambling Commission.
Richard Watson, programme director at the UKGC, said: “We identified a number of weaknesses in the anti-money laundering and social responsibility controls used by Betfred.
“The Commission has now concluded a wide range of cases over the last 10 months leading to around £3.75million in penalty packages.
“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 must also conduct an independent third-party review and audit most of its procedures concerning the issues named in the UKGC’s conclusion.
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