Online Gambling Firm Spreadex Fined ₤ 2m For Social Responsibility
Spreadex has actually been fined ₤ 2 million for money laundering and social duty failings, the regulator stated.
The online firm failed to perform appropriate checks on a customer who hit an everyday deposit limitation of ₤ 3,340 on 12 events over 14 days, the Gambling Commission stated.
Despite the high costs over a brief period, Spreadex's social responsibility interactions included four pop-up messages with no human interaction.
Anti-money laundering failures included failing to ask for "source of funds" details from a client who transferred around ₤ 64,000 into the business within a brief duration.
Operators must remain in no doubt: duplicated regulatory failings will lead to intensifying enforcement action
John Pierce, Gambling Commission
The customer went on to lose ₤ 50,000 within one month.
Spreadex Limited - which runs from Spreadex.com - will pay a ₤ 2,022,000 penalty for the failings, which happened in between September 2022 and November 2023, and also have to undergo a third-party audit.
Gambling Commission stated Spreadex failed to bring out appropriate examine high spenders (Alamy/PA)
It is the 2nd enforcement action versus Spreadex after it paid a ₤ 1.36 million regulatory settlement in 2022, once again for social responsibility and anti-money laundering failures.
The Gambling Commission's head of enforcement John Pierce said: "The conclusion of this case marks the 2nd time Spreadex Limited has gone through enforcement action.
"Its failure to promote anti-money laundering requirements, delays in necessary interventions, and weaknesses in social obligation measures were inappropriate.
Spreadex Limited to pay ₤ 2 million for social duty and anti-money laundering failures.
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- Gambling Commission (@GamRegGB) May 15, 2025
"The operator placed excessive dependence on consumer assurances about the source of funds, rather than getting proof from independent and verifiable sources, as we would expect. Operators needs to not just carry out and maintain robust anti-money laundering policies, procedures, and controls, but also act swiftly in response to any signs of suspicious activity.
"During the evaluation, it was found that one consumer, showing markers of harm, was using items across areas overseen by 2 various regulators. As the betting regulator, we worry the significance of licensees comprehending and handling cross-channel use in their anti-money laundering and social duty policies."
He added: "Operators ought to be in no doubt: duplicated regulative failings will result in escalating enforcement action."
