Betfred settles for £3.25 million after UK Gambling Commission finds regulatory breaches
Following a UK Gambling Commission investigation, Betfred agrees to a £3.25 million settlement and commits to enhancing its anti-money laundering and safer gambling measures
Bookmaker Betfred has agreed to pay a £3.25 million settlement for failing to implement appropriate anti-money laundering (AML) and safer gambling measures, as found by a Gambling Commission investigation.
The inquiry, covering January 2021 to December 2022, unveiled instances of ineffective customer interaction and risk assessment, with one customer losing £61,000 in a four-month period without action from Betfred.
The company has also covered the Commission's costs and consented to publish a statement of facts.
Despite these failings, Betfred has taken significant remedial steps and vowed to strengthen its AML and social responsibility policies.