Online Gambling Firm Spreadex Fined ₤ 2m For Social Responsibility
Gambling company Spreadex has actually been fined ₤ 2 million for money laundering and social obligation failings, the regulator said.
The online firm failed to perform proper look at a client who struck an everyday deposit limitation of ₤ 3,340 on 12 events over 14 days, the Gambling Commission stated.
Despite the high costs over a short period, Spreadex's social obligation interactions consisted of 4 pop-up messages without any human interaction.
Anti-money laundering failures included failing to ask for "source of funds" details from a consumer who deposited around ₤ 64,000 into the organization within a brief duration.
Operators needs to remain in no doubt: duplicated regulatory failings will result in escalating enforcement action
John Pierce, Gambling Commission
The client went on to lose ₤ 50,000 within one month.
Spreadex Limited - which operates from Spreadex.com - will pay a ₤ 2,022,000 penalty for the failings, which took place in between September 2022 and November 2023, and also have to go through a third-party audit.
Gambling Commission stated Spreadex stopped working to perform proper checks on high spenders (Alamy/PA)
It is the 2nd enforcement action against Spreadex after it paid a ₤ 1.36 million regulatory settlement in 2022, once again for social duty and anti-money laundering failures.
The Gambling Commission's head of enforcement John Pierce said: "The conclusion of this case marks the second time Spreadex Limited has undergone enforcement action.
"Its failure to uphold anti-money laundering standards, hold-ups in necessary interventions, and weak points in social duty steps were undesirable.
Spreadex Limited to pay ₤ 2 million for social obligation and anti-money laundering failures.
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- Gambling Commission (@GamRegGB) May 15, 2025
"The operator placed unnecessary reliance on customer assurances about the source of funds, rather than getting evidence from independent and proven sources, as we would expect. Operators should not only implement and preserve robust anti-money laundering policies, procedures, and controls, but also act swiftly in response to any indicators of suspicious activity.
"During the review, it was found that a person customer, showing markers of harm, was using products throughout areas by 2 various regulators. As the betting regulator, we stress the value of licensees comprehending and managing cross-channel use in their anti-money laundering and social obligation policies."
He included: "Operators should be in no doubt: duplicated regulatory failings will result in intensifying enforcement action."