UK Gambling Commission fines Spreadex £2.022m over compliance failures
The UK Gambling Commission ordered Spreadex to pay a £2,022,000 penalty after identifying anti-money laundering and social responsibility failures. The Commission said the breaches occurred between September 2022 and November 2023 and included inadequate risk assessments and insufficient customer interventions; Spreadex must also undergo a third-party audit. One customer deposited about £64,000 without proper source-of-funds checks and then lost £50,000 in a month.
The penalty and audit require Spreadex to address compliance weaknesses identified across its customer checks and harm interventions.