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Betfred boost compliance training

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UK bookmaker Betfred has announced that it plans to boost compliance training for its staff through a partnership with the Isle of Man consultancy firm SMP eGaming.

In an update to stakeholders, the bookmaker revealed that it would be setting up what it described as a ‘Compliance Academy’ with the help of SMP, who specialise in offering advice on a range of compliance issues including fraud prevention and anti-money laundering protocols.

The Compliance Academy will enable Betfred to increase the skills and knowledge of their staff through a certified Continuing Professional Development framework, and the Betfred management team will also be able to use the training resource as a knowledge base for developing the company’s compliance policies and practices.

Risk-based approach

The announcement comes at a time when the UK betting industry is under increasing scrutiny from politicians and the media. The UK government earlier this year acted to reduce the maximum stakes on Fixed Odds Betting Terminals from £200 to £2 and the opposition Labour Party has announced plans to ban credit card gambling and limit gambling advertisements during live sports events.

The partnership with SMP eGaming should enable Betfred to be in a better position to conduct its business in what is likely to be a tighter regulatory framework in the next few years. The Director of Digital Compliance for Betfred, Adele Farrell, said that the partnership would enable the company to strengthen its compliance policies and culture:

The platform provided by SMP Compliance Academy provides a powerful tool and voice, not only to deliver the obligatory training and company policy and procedures that Betfred requires, but also to instil a positive and responsible compliance culture. The platform allows us to apply a risk-based approach to our training via the powerful analytical tools, which can be used to identify any training deficiencies within the business.”

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