The parent company of Betfred must pay a £825,000 ($1.1m) fine after the UK Gambling Commission (UKGC) discovered several anti-money laundering (AML) and social responsibility failings.
The regulator announced the penalty against Done Brothers (Cash Betting) Limited on Wednesday. The operator will be subject to a third-party audit to ensure it makes the necessary improvements to its systems.
The UKGC described that the thresholds for requesting source of income checks on customers were too high. It also had an ineffective policy for identifying customers who might be subject to financial sanctions.
Regarding social responsibility issues, the company did not always follow up on customer interactions despite triggering risk indicators. The quality of the interactions was also not up to scratch.
fined the operator £3.25m ($4.3m) in 2023 for similar offenses
The UKGC announcement notes that this is not the first time Betfred has had these types of failings. The regulator fined the operator £3.25m ($4.3m) in 2023 for similar offenses.
UKGC Director of Enforcement John Pierce remarked that the latest transgressions were “technical breaches rather than arising from specific customer examples.” Nonetheless, he said that the issues were still unacceptable. Pierce acknowledged the improvements Betfred has made in recent times to rectify its subpar systems.
