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Betfred will have to pay a fine of £322,000 for failures in controlling money laundering activities.
The UKGC investigation led to findings that revealed operators’ lack of action in finding the source of funds of a customer who deposited £210,000 and lost £140,000. It turned out that the said money was stolen.
This caught UKGC’s attention because a situation in which a customer deposits and loses such a big amount of money in such a short period of time clearly shows the lack of control on operator’s end.
More info: https://lcb.org/news/betfred-ordered-to-pay-322-000-by-ukgc-for-money-laundering-failures
The UKGC investigation led to findings that revealed operators’ lack of action in finding the source of funds of a customer who deposited £210,000 and lost £140,000. It turned out that the said money was stolen.
This caught UKGC’s attention because a situation in which a customer deposits and loses such a big amount of money in such a short period of time clearly shows the lack of control on operator’s end.
More info: https://lcb.org/news/betfred-ordered-to-pay-322-000-by-ukgc-for-money-laundering-failures