Betfred, an online bookmaker, has agreed to pay £322,000 or approximately $400,000 to settle the allegations. It has granted a fraudster who has already been convicted for that felony to deposit £210,000 or $261,000 of stolen money on their online platform. That particular customer had lost approximately £140,000 or $216,000 to Betfred when it was gambling for twelve straight days.
An investigation was led by the well-known regulatory company, UKGC, or the UK Gambling Commission, and they have concluded that Betfred has managed to break the anti-money laundering rules when they’ve failed to check the exact source of the funds of the fraudster.
“The management of this particular customer regarding the AML has raised significant worries concerning the effectiveness of the procedures and policies that this online bookmaker had in place, and also it handling of risks in relation to the licensing objectives,” by the words of UKGC. “Ever since this incident, Betfred has made many improvements to its anti-money laundering procedures to prevent these failings from reoccurring.”
The regulator has noted that the Betfred operator made a request twice for SOF, which stands for the source of funds, in the duration of 12 days in November 2017, but still allowed the fraudster to gamble and make a huge six-figure sum loss, even though the reply never came.
The UK Gambling Commission didn’t find the fraudster’s identity, which was quite unfortunate. Although a search in the UK may have found one candidate who fits the entire scenario. This September, Joyce Baker, who was a financial manager at Light Corporation situated in Berkhamsted, Hertfordshire, was sentenced for five years and ten months for fraud when she embezzled over £2,000,000 from her ex-employer at this corporation.