Gambling Commission penalty for Petfre (Gibraltar) Limited
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The Gambling Commission has fined Petfre (Gibraltar) Limited £2.87 million ($3.12 million) for anti-money laundering and social responsibility failures. PetFre is the operator behind the Betfred.com and OddsKing. com iGaming domains.
Gambling Commission has fined Petfre (Gibraltar) Limited for having no controls in place to prevent large levels of high velocity spend by new customers. One customer had lost about £70,000 over a ten-hour period only one day after opening their account.
Gambling Commission has fined Petfre (Gibraltar) Limited for not following obligatory ‘safer gambling account reviews’ after a punter lost a lot of money.
Gambling Commission's Enforcement and Intelligence Director Leanne Oxley has issued a warning to Petfre (Gibraltar) Limited. PetFre ( Gibraltar) failed to account for money laundering and terrorist financing risks connected to its business.
Gambling Commission has fined Petfre (Gibraltar) Limited for not providing its customers with sufficient information on the risks associated with money laundering and not having ongoing monitoring prior to financial triggers being reached. The iGaming firm also provided inadequate employee training and didn't conduct sufficient anti-money laundering, customer due diligence and source of funds checks.
