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 said.
The online firm stopped working to carry out appropriate examine a consumer who hit a daily deposit of ₤ 3,340 on 12 occasions over 14 days, the Gambling Commission said.
Despite the high costs over a short duration, Spreadex's social obligation interactions consisted of four 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 company within a brief period.
Operators ought to be in no doubt: repeated 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 charge for the failings, which occurred in between September 2022 and November 2023, and also need to undergo a third-party audit.
Gambling Commission stated Spreadex stopped working to perform suitable checks on high spenders (Alamy/PA)
It is the 2nd enforcement action versus Spreadex after it paid a ₤ 1.36 million regulative settlement in 2022, once again for social obligation 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 gone through enforcement action.
"Its failure to support anti-money laundering requirements, delays in essential interventions, and weaknesses in social responsibility procedures were inappropriate.
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 dependence on consumer guarantees about the source of funds, instead of acquiring proof from independent and verifiable sources, as we would expect. Operators should not just execute and keep robust anti-money laundering policies, procedures, and controls, but also act promptly in action to any signs of suspicious activity.
"During the review, it was found that a person consumer, showing markers of damage, was using items throughout areas supervised by 2 different regulators. As the gambling regulator, we stress the value of licensees understanding and managing cross-channel usage in their anti-money laundering and social duty policies."
He included: "Operators ought to remain in no doubt: duplicated regulative failings will result in escalating enforcement action."