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 perform appropriate look at a customer who hit a daily deposit limitation of ₤ 3,340 on 12 events over 2 week, the Gambling Commission said.
Despite the high spending over a brief duration, Spreadex's social responsibility interactions consisted of 4 pop-up messages with no human interaction.
Anti-money laundering failures consisted of stopping working to request "source of funds" info from a consumer who transferred around ₤ 64,000 into the business within a short period.
Operators must remain in no doubt: repeated regulatory failings will lead to escalating enforcement action
John Pierce, Gambling Commission
The consumer 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 took place between September 2022 and November 2023, and likewise need to undergo a third-party audit.
Gambling Commission stated Spreadex stopped working to perform 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 second time Spreadex Limited has undergone enforcement action.
"Its failure to promote anti-money laundering standards, hold-ups in needed interventions, and weaknesses in social obligation steps were undesirable.
to pay ₤ 2 million for social obligation and anti-money laundering failures.
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- Gambling Commission (@GamRegGB) May 15, 2025
"The operator put unnecessary dependence on client guarantees about the source of funds, rather than getting proof from independent and verifiable sources, as we would expect. Operators needs to not only carry out and preserve robust anti-money laundering policies, treatments, and controls, but also act promptly in action to any indicators of suspicious activity.
"During the review, it was found that a person consumer, revealing markers of harm, was using items across locations supervised by 2 various regulators. As the betting regulator, we stress the value of licensees understanding and handling cross-channel use in their anti-money laundering and social duty policies."
He added: "Operators must remain in no doubt: duplicated regulative failings will result in escalating enforcement action."
