The online operator Spreadex Limited has received a massive £2,022,000 (roughly $2,686,900) penalty fine from the UK Gambling Commission.
This is due to the findings of an investigation in which the operator alleges it ‘revealed’ anti-money laundering and social responsibility failings.
The regulator announced the fine on Thursday (May 15) as it stated “failures were revealed during a compliance assessment in July 2023 and relate to the operator’s Gambling Commission license to offer casino and fixed odds betting.”
Spreadex Limited to pay £2 million for social responsibility and anti-money laundering failures.
To read more visit our website 💻 https://t.co/emzn2npGpn pic.twitter.com/a9mh4qJU52
— Gambling Commission (@GamRegGB) May 15, 2025
As a result of the penalty, the company will also have to undergo a third-party audit to “ensure it is effectively implementing its anti-money laundering and safer gambling policies, procedures and controls.”
This comes after Spreadex faced enforcement action in 2022, with the operator paying a £1.36 million regulatory settlement. In the recent penalty, the UK Gambling Commission states the breaches occurred between September 2022 and November 2023.
Spreadex has previously faced enforcement action
John Pierce, Commission Head of Enforcement, said: “The conclusion of this case marks the second time Spreadex Limited has been subject to enforcement action. Its failure to uphold anti-money laundering standards, delays in necessary interventions, and weaknesses in social responsibility measures were unacceptable.
“The operator placed undue reliance on customer assurances about the source of funds, rather than obtaining evidence from independent and verifiable sources, as we would expect.
“Operators must not only implement and maintain robust anti-money laundering policies, procedures, and controls, but also act swiftly in response to any indicators of suspicious activity.”
Pierce explained how the regulator works closely with the Financial Conduct Authority (FCA) to ensure a coordinated approach.
“During the review, it was found that one customer, showing markers of harm, was using products across areas overseen by two different regulators. As the gambling regulator, we stress the importance of licensees understanding and managing cross-channel usage in their anti-money laundering and social responsibility policies.”
Featured Image: AI-generated via Ideogram
