Online Gambling Firm Spreadex Fined ₤ 2m For Social Responsibility

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Gambling firm Spreadex has been fined ₤ 2 million for cash laundering and social responsibility failings, the regulator stated.


The online company failed to perform appropriate look at a customer who hit a day-to-day deposit limitation of ₤ 3,340 on 12 celebrations over 14 days, the Gambling Commission said.


Despite the high spending over a short period, Spreadex's social responsibility interactions included four pop-up messages with no human interaction.


Anti-money laundering failures of stopping working to ask for "source of funds" information from a consumer who deposited around ₤ 64,000 into the service within a brief period.


Operators should be in no doubt: duplicated regulatory failings will result in intensifying enforcement action


John Pierce, Gambling Commission


The consumer 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 have to go through a third-party audit.


Gambling Commission stated Spreadex failed to perform 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 said: "The conclusion of this case marks the 2nd time Spreadex Limited has actually undergone enforcement action.


"Its failure to promote anti-money laundering requirements, hold-ups in needed 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 put excessive dependence on customer assurances about the source of funds, instead of getting 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 also act promptly in action to any indicators of suspicious activity.


"During the review, it was discovered that a person client, showing markers of damage, was using items across locations supervised by 2 different regulators. As the gambling regulator, we worry the value of licensees comprehending and handling cross-channel usage in their anti-money laundering and social duty policies."


He added: "Operators should remain in no doubt: duplicated regulatory failings will lead to intensifying enforcement action."