Nicola Sharp | 1 September 2016
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The penalty has been imposed by the Gambling Commission, which said it has “identified a number of weaknesses in the anti-money laundering and social responsibility controls’’ in Betfred.
Betfred must conduct an independent third party review and audit of its anti-money laundering and social responsibility policies and procedures. The financial penalty and other sanctions were prompted by a court case in which someone had stolen money and spent much of it at Betfred.
The measures are a clear indicator of the need to make sure your anti-money laundering policies are both in place and fit for purpose: if they are not you need to seek expert legal advice immediately.
Much of our work involves devising procedures for companies and organisations to reduce the scope for any type of wrongdoing.
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