{"id":39,"date":"2024-06-11T21:59:24","date_gmt":"2024-06-11T18:59:24","guid":{"rendered":"https:\/\/uptownacesnodepositbonus.icu\/2024\/06\/11\/betfred-fined-millions-for-failing-to-protect-gamblers-and-prevent-money-laundering\/"},"modified":"2024-06-12T10:38:31","modified_gmt":"2024-06-12T07:38:31","slug":"betfred-fined-millions-for-failing-to-protect-gamblers-and-prevent-money-laundering","status":"publish","type":"post","link":"https:\/\/uptownacesnodepositbonus.icu\/2024\/06\/11\/betfred-fined-millions-for-failing-to-protect-gamblers-and-prevent-money-laundering\/","title":{"rendered":"Betfred Fined Millions for Failing to Protect Gamblers and Prevent Money Laundering"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/gGIfGhjgYKY\"\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 imposed a substantial \u00a33.25 million penalty on Betfred, a well-known wagering firm, for neglecting its duty to safeguard gamblers and thwart illicit financial activities. <\/p>\n<p>The Commission&#8217;s inquiry revealed some worrisome behaviors at Betfred.  They were not taking sufficient measures to monitor new clients or those who were gambling regularly and spending significant sums. This absence of supervision meant certain customers were susceptible to substantial financial losses without any intervention. <\/p>\n<p>One particularly disturbing instance involved a client who managed to expend an astounding \u00a3517,499 in a mere two months, and Betfred didn&#8217;t even flinch.  They appeared to believe that because the client was winning, there was no issue.  Evidently, they misunderstood the concept of responsible gaming.<\/p>\n<p>Furthermore, Betfred&#8217;s anti-money laundering protocols were full of gaps.  Their documentation practices were careless, and they weren&#8217;t establishing suitable financial thresholds to signal questionable transactions.  They also neglected to adequately authenticate the identities and origins of funds for certain clients, which is a major warning sign in the battle against money laundering. <\/p>\n<p>An internet gaming firm faced sanctions for inadequate efforts to combat illicit financial activities. Their reliance on readily accessible data was excessive, neglecting to take additional measures to ascertain the origins of their clientele&#8217;s funds. This pattern persisted over several years. <\/p>\n<p>Kay Roberts, responsible for enforcement at the Gaming Commission, highlighted the surge in online wagering and the need to elevate benchmarks throughout the sector.  She underscored that while gaming is a lawful form of amusement enjoyed responsibly by a vast number of individuals, every provider, whether digital or physical, must implement robust protective measures to avert harm and unlawful actions. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The United Kingdom&#8217;s Gambling Commission imposed a substantial \u00a33.25 million penalty on Betfred, a well-known wagering firm, for neglecting its duty to safeguard gamblers and thwart illicit financial activities. The Commission&#8217;s inquiry revealed some worrisome behaviors at Betfred. They were not taking sufficient measures to monitor new clients or those who were gambling regularly and [&hellip;]<\/p>\n","protected":false},"author":52,"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 \u00a33.25 Million for Failing to Protect Gamblers<\/title>\n<meta name=\"description\" content=\"The UK Gambling Commission slapped Betfred with a hefty fine for not doing enough to prevent money laundering and protect vulnerable gamblers. Find out why!\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uptownacesnodepositbonus.icu\/2024\/06\/11\/betfred-fined-millions-for-failing-to-protect-gamblers-and-prevent-money-laundering\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Betfred Fined Millions for Failing to Protect Gamblers and Prevent Money Laundering\" \/>\n<meta property=\"og:description\" content=\"The UK Gambling Commission slapped Betfred with a hefty fine for not doing enough to prevent money laundering and protect vulnerable gamblers. Find out why!\" \/>\n<meta property=\"og:url\" content=\"https:\/\/uptownacesnodepositbonus.icu\/2024\/06\/11\/betfred-fined-millions-for-failing-to-protect-gamblers-and-prevent-money-laundering\/\" \/>\n<meta property=\"og:site_name\" content=\"Experience the Best of Online Casino Gaming | Licensed &amp; Trusted\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-11T18:59:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-12T07:38:31+00:00\" \/>\n<meta name=\"author\" content=\"Connor &quot;Colt&quot; Hughes\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Connor &quot;Colt&quot; Hughes\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/uptownacesnodepositbonus.icu\/2024\/06\/11\/betfred-fined-millions-for-failing-to-protect-gamblers-and-prevent-money-laundering\/\",\"url\":\"https:\/\/uptownacesnodepositbonus.icu\/2024\/06\/11\/betfred-fined-millions-for-failing-to-protect-gamblers-and-prevent-money-laundering\/\",\"name\":\"Betfred Fined \u00a33.25 Million for Failing to Protect Gamblers\",\"isPartOf\":{\"@id\":\"https:\/\/uptownacesnodepositbonus.icu\/#website\"},\"datePublished\":\"2024-06-11T18:59:24+00:00\",\"dateModified\":\"2024-06-12T07:38:31+00:00\",\"author\":{\"@id\":\"https:\/\/uptownacesnodepositbonus.icu\/#\/schema\/person\/ad5e9971c33fdff6f580e11ba95fd767\"},\"description\":\"The UK Gambling Commission slapped Betfred with a hefty fine for not doing enough to prevent money laundering and protect vulnerable gamblers. 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