Online Gambling Firm Spreadex Fined ₤ 2m For Social Responsibility
Gambling company Spreadex has been fined ₤ 2 million for money laundering and social responsibility failings, the regulator stated.
The online company failed to carry out proper examine a customer who hit a daily deposit limit of ₤ 3,340 on 12 occasions over 2 week, the Gambling Commission stated.
Despite the high costs over a short duration, Spreadex's social responsibility interactions included 4 pop-up messages without any human interaction.
Anti-money laundering failures consisted of stopping working to request for "source of funds" info from a customer who transferred around ₤ 64,000 into business within a short period.
Operators should be in no doubt: duplicated regulatory failings will result in escalating enforcement action
John Pierce, Gambling Commission
The customer 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 likewise need to undergo a third-party audit.
Gambling Commission stated Spreadex stopped working to carry out appropriate look at high spenders (Alamy/PA)
It is the 2nd enforcement action against Spreadex after it paid a ₤ 1.36 million regulatory settlement in 2022, again for social duty and anti-money laundering failures.
The Gambling Commission's head of enforcement John Pierce stated: "The conclusion of this case marks the second time Spreadex Limited has actually been subject to enforcement action.
"Its failure to maintain anti-money laundering requirements, hold-ups in interventions, and weaknesses in social obligation measures 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 undue dependence on consumer guarantees about the source of funds, rather than getting proof from independent and verifiable sources, as we would expect. Operators should not just carry out and preserve robust anti-money laundering policies, treatments, and controls, however also act swiftly in reaction to any signs of suspicious activity.
"During the review, it was found that one client, revealing markers of harm, was using items throughout areas supervised by 2 various regulators. As the betting regulator, we worry the value of licensees comprehending and managing cross-channel usage in their anti-money laundering and social obligation policies."
He added: "Operators must remain in no doubt: repeated regulative failings will lead to escalating enforcement action."