{"id":160,"date":"2024-06-17T12:37:23","date_gmt":"2024-06-17T09:37:23","guid":{"rendered":"https:\/\/shazamcasinonodepositbonuscodes.icu\/2024\/06\/17\/betfred-hit-with-3-25-million-penalty-for-responsible-gaming-and-money-laundering-failures\/"},"modified":"2024-06-20T17:14:31","modified_gmt":"2024-06-20T14:14:31","slug":"betfred-hit-with-3-25-million-penalty-for-responsible-gaming-and-money-laundering-failures","status":"publish","type":"post","link":"https:\/\/shazamcasinonodepositbonuscodes.icu\/2024\/06\/17\/betfred-hit-with-3-25-million-penalty-for-responsible-gaming-and-money-laundering-failures\/","title":{"rendered":"Betfred Hit With \u00a33.25 Million Penalty for Responsible Gaming and Money Laundering Failures"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/8rM4WSAOO7M\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>The United Kingdom&#8217;s Gambling Commission has levied a substantial penalty against Betfred, a well-known wagering provider, for failing in its duties related to responsible gaming and anti-money laundering protocols.<\/p>\n<p>The firm, formally registered as Done Bros (Cash Betting) Limited, will be required to pay a significant sum of \u00a33.25 million (equivalent to roughly $4.3 million USD) following an inquiry that uncovered notable deficiencies. It appears Betfred was not taking sufficient measures to safeguard new patrons, particularly those exhibiting high expenditure or extended gambling sessions. The Commission determined this placed such customers in a precarious position regarding potential financial harm.<\/p>\n<p>A key concern highlighted was Betfred&#8217;s erroneous assumption that a customer&#8217;s winnings equated to a lack of risk.  In one instance, an individual wagered over half a million pounds within a mere two months, yet Betfred&#8217;s intervention was deemed insufficient.<\/p>\n<p>Furthermore, the company&#8217;s record-keeping practices were found to be inadequate, hindering effective customer protection.  They also faltered in their anti-money laundering procedures, setting financial thresholds excessively high and not consistently obtaining appropriate identification and income verification from clients. <\/p>\n<p>An internet-based gaming firm faced sanctions for inadequate efforts in combating illicit finance. Their reliance on open-source data was excessive, neglecting further measures to ascertain the origins of their clientele&#8217;s funds. This pattern persisted from the start of 2021 to the close of 2022. <\/p>\n<p>Kay Roberts, leading executive at the gaming regulatory body, highlighted the surge in internet wagering and the demand for elevated benchmarks throughout the sector. She emphasized that while a vast number engage in responsible gaming, robust protections against unlawful actions are paramount for both digital and physical operators. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The United Kingdom&#8217;s Gambling Commission has levied a substantial penalty against Betfred, a well-known wagering&#8230;<\/p>\n","protected":false},"author":85,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Betfred Fined Millions: UKGC Cracks Down on Gambling Violations<\/title>\n<meta name=\"description\" content=\"Major UK bookmaker Betfred hit with a hefty \u00a33.25 million fine! The UK Gambling Commission uncovers serious responsible gaming and anti-money laundering failures.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/shazamcasinonodepositbonuscodes.icu\/2024\/06\/17\/betfred-hit-with-3-25-million-penalty-for-responsible-gaming-and-money-laundering-failures\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Betfred Hit With \u00a33.25 Million Penalty for Responsible Gaming and Money Laundering Failures\" \/>\n<meta property=\"og:description\" content=\"Major UK bookmaker Betfred hit with a hefty \u00a33.25 million fine! 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