{"id":208,"date":"2024-06-18T21:09:41","date_gmt":"2024-06-18T18:09:41","guid":{"rendered":"https:\/\/luckylegendsnodepositbonuscodes2024.icu\/2024\/06\/18\/betfred-fined-millions-for-lax-anti-money-laundering-and-responsible-gaming-practices\/"},"modified":"2024-06-20T17:15:35","modified_gmt":"2024-06-20T14:15:35","slug":"betfred-fined-millions-for-lax-anti-money-laundering-and-responsible-gaming-practices","status":"publish","type":"post","link":"https:\/\/luckylegendsnodepositbonuscodes2024.icu\/2024\/06\/18\/betfred-fined-millions-for-lax-anti-money-laundering-and-responsible-gaming-practices\/","title":{"rendered":"Betfred Fined Millions for Lax Anti-Money Laundering and Responsible Gaming Practices"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/3WwdJEXcAgQ\"\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 levied a substantial \u00a33.25 million penalty (approximately $4.3 million USD) against Betfred, a well-known wagering firm, for failing to uphold responsible gaming and anti-money laundering protocols.<\/p>\n<p>The Commission, tasked with overseeing the gaming sector, conducted an inquiry into Betfred (managed by Done Bros (Cash Betting) Limited) and uncovered significant deficiencies.  Apparently, Betfred was not taking adequate measures to safeguard its patrons, particularly newcomers.  They were not closely monitoring customer spending habits or playing durations, potentially exposing them to substantial financial harm.<\/p>\n<p>A major point of concern? Betfred erroneously presumed that a customer&#8217;s winnings equated to a lack of risk.  In one instance, an individual gambled away a staggering \u00a3517,499 within a mere two months, yet Betfred remained unconcerned.<\/p>\n<p>Furthermore, their anti-money laundering procedures were severely lacking.  They failed to maintain proper documentation, their financial thresholds for raising alerts were excessively high, and they neglected to diligently scrutinize the origins of their customers funds. <\/p>\n<p>A gaming firm is under fire for inadequate measures against financial crimes. They overly depended on open-source data and failed to properly investigate the origins of their clientele&#8217;s funds. This practice persisted for nearly two years, spanning from the start of 2021 to the end of 2022.<\/p>\n<p>A leader at the Gaming Authority, Kay Roberts, highlighted the surge in internet-based wagering and the corresponding demand for stricter regulations industry-wide. Roberts asserted that although millions engage in wagering responsibly, it&#8217;s paramount for all providers, both virtual and physical, to implement robust protections to ensure wagering remains secure and devoid of illicit actions. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The United Kingdom&#8217;s Gambling Commission levied a substantial \u00a33.25 million penalty (approximately $4.3 million USD) against Betfred, a well-known wagering firm, for failing to uphold responsible gaming and anti-money laundering protocols. The Commission, tasked with overseeing the gaming sector, conducted an inquiry into Betfred (managed by Done Bros (Cash Betting) Limited) and uncovered significant deficiencies. 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