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Betfred Agrees to Pay More than £800K in Compensation

UK bookmaker, Betfred, has undergone a licensing review by the UK Gambling Commission and has agreed to make a voluntary settlement of more than £800,000 for failures in their anti-money laundering and social responsibility policies and procedures.

The bookie came under the spotlight when one of their VIP customers, Matthew Stevens, pled guilty to stealing £856,700 and spending the majority of that gambling at the bookmaker. The UKGC conducted a probe and found that Betfred had a number of failures in its anti-money laundering and social responsibility procedures.

As a result of the commission’s findings, Betfred agreed to a settlement payment of £787,500, comprising of £443,000 to be paid to the victims of the criminal activity and £344,500 to be paid to a socially responsible cause agreed to by the UKGC. It has also agreed to reimburse the UKGC for £30,240 in investigative costs.

“The commission has now concluded a wide range of cases over the last ten months leading to around £3.75 million in penalty packages,” stated Richard Watson from the UKGC. “The outcomes and findings in these cases provide a clear signal to operators of the need to learn the lessons from these for social responsibility and money laundering controls, or risk facing tougher sanctions.”

Betfred has agreed to a third-party review of its anti-money laundering and social responsibility policies and procedures, which will include customer due diligence, due diligence improvements and continuous monitoring.

A spokesperson from Betfred commented: “We have greatly strengthened our policies and will continue to review and update our anti-money laundering and social responsibility procedures.”

“The Betfred Group remains fully committed to working with the Gambling Commission and the rest of the industry to strengthen existing controls.”

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