The Gambling Commission issued Betfred a $2.87 million fine.

The UK gambling authority concluded that "no controls were in place to prevent large levels of high velocity spend by new customers" and that the "customer spend increased considerably" trigger for "safer gambling" was too high.

The company also violated the Money Laundering Regulations by failing to implement the required controls, procedures, and policies, as well as by failing to take into account the risks of money laundering and terrorist financing associated with the business.

The betting company has also been issued a formal warning by the UK authority in addition to the penalties. 

Director of Enforcement and Intelligence at the Gambling Commission Leanne Oxley stated, "This is a further example of us taking action to investigate and sanction alarming failures."

We anticipate that this gaming establishment, along with all others holding similar licences, will examine this instance carefully to determine whether or not any more adjustments are required to demonstrate active compliance. If conditions do not improve, stricter enforcement will be implemented.

LeoVegas received a similar sanction from the Commission not too long ago.

It handed down a £1.32m penalty, with Oxley commenting: "We uncovered this via focussed compliance effort and we will continue to take action against other operators if they do not heed the lessons our enforcement work is giving.

This incident is just another illustration of operators' carelessness in safeguarding their consumers and awareness of the threat of money laundering.