Online Gambling Firm Spreadex Fined ₤ 2m For Social Responsibility
Gambling company Spreadex has actually been fined ₤ 2 million for money laundering and social responsibility failings, the regulator stated.
The online company failed to perform proper look at a consumer who hit a day-to-day deposit limitation of ₤ 3,340 on 12 celebrations over 2 week, the Gambling Commission stated.
Despite the high spending over a brief period, Spreadex's social obligation interactions included four pop-up messages with no human interaction.
Anti-money laundering failures included failing to request "source of funds" information from a customer who transferred around ₤ 64,000 into business within a brief period.
Operators must remain in no doubt: duplicated regulatory failings will lead to intensifying enforcement action
John Pierce, Gambling Commission
The consumer went on to lose ₤ 50,000 within one month.
Spreadex Limited - which operates from .com - will pay a ₤ 2,022,000 penalty for the failings, which happened between September 2022 and November 2023, and likewise need to undergo a third-party audit.
Gambling Commission stated Spreadex stopped working to carry out suitable look at high spenders (Alamy/PA)
It is the second enforcement action against Spreadex after it paid a ₤ 1.36 million regulatory settlement in 2022, 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 been subject to enforcement action.
"Its failure to uphold anti-money laundering standards, hold-ups in needed interventions, and weak points in social responsibility procedures were unacceptable.
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 put unnecessary reliance on client guarantees about the source of funds, instead of acquiring evidence from independent and proven sources, as we would expect. Operators must not only carry out and maintain robust anti-money laundering policies, procedures, and controls, but likewise act swiftly in action to any signs of suspicious activity.
"During the evaluation, it was found that a person client, revealing markers of damage, was using products across areas overseen by two various regulators. As the betting regulator, we worry the importance of licensees understanding and managing cross-channel usage in their anti-money laundering and social duty policies."
He included: "Operators ought to be in no doubt: duplicated regulatory failings will lead to escalating enforcement action."
