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UKGC fines Spreadex £2M for AML and other breaches
Spreadex received a £2 million fine from the UK Gambling Commission as a result of breaking anti-money laundering (AML) and social responsibility rules.
This is not the first time Spreadex has faced a regulatory issue. Back in August 2022, the operator received a similar fine of £1.4 million. This time, the breaches took place between September 2022 and November 2023. One customer was able to deposit £64,000 quickly, losing £50,000 in just a month without being asked to prove the source of the funds.
Social responsibility issues were also flagged. One player exceeded a daily deposit limit of £3,340 twelve times in two weeks but only received a few automated pop-up messages without any direct human follow-up.
John Pierce, Head of Enforcement at UKGC, issued a statement:
“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.”
To fix these issues, Spreadex must now undergo a third-party audit to ensure its policies meet the required standards.
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