Gambling firm Spreadex has actually been fined ₤ 2 million for cash laundering and social duty failings, the regulator stated.
The online firm stopped working to carry out appropriate checks on a client who struck a daily deposit limit of ₤ 3,340 on 12 events over 2 week, the Gambling Commission stated.
Despite the high costs over a brief duration, Spreadex's social responsibility interactions included four pop-up messages with no human interaction.
Anti-money laundering failures included failing to request for "source of funds" info from a client who deposited around ₤ 64,000 into the company within a short duration.
Operators needs to remain in no doubt: repeated regulative 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 operates from Spreadex.com - will pay a ₤ 2,022,000 charge for the failings, which took place in between September 2022 and November 2023, and also need to go through a third-party audit.
Gambling Commission stated Spreadex failed to carry out suitable checks on high spenders (Alamy/PA)
It is the 2nd enforcement action against Spreadex after it paid a ₤ 1.36 million regulatory 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 2nd time Spreadex Limited has actually been subject to enforcement action.
"Its failure to promote anti-money laundering standards, hold-ups in necessary interventions, and weak points in social responsibility measures were unacceptable.
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 dependence on client assurances about the source of funds, rather than obtaining proof from independent and proven sources, as we would anticipate. Operators needs to not just execute and keep robust anti-money laundering policies, treatments, and controls, however likewise act promptly in action to any signs of suspicious activity.
"During the evaluation, it was found that one client, revealing markers of harm, was utilizing products across locations managed by two various regulators. As the gaming regulator, we stress the significance of licensees understanding and managing cross-channel usage in their anti-money laundering and social responsibility policies."
He added: "Operators needs to be in no doubt: repeated regulative failings will lead to escalating enforcement action."