BETFRED TO PAY £322,000 OVER AML FAILURES

On 10th October, Intergame reported that the Gibraltar-based, UK-facing gambling company is to pay a total penalty of £322,000 after an investigation by the Gambling Commission uncovered money laundering failings.  It is said to have failed to carry out adequate source of funds checks on a customer who deposited £210,000, and lost £140,000, of stolen money in a 12-day period in November 2017.

https://www.intergameonline.com/igaming/news/betfred-to-pay-322k-over-aml-failures

This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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