Spreadex Limited
The UK Gambling Commission fined Spreadex Limited £2.022 million for failures in its anti-money laundering and social responsibility procedures. The regulatory action, announced on 7 May 2025, also included a formal warning and a new condition added to the company's licence.
Summary
Financial Penalty
£2.0m
What This Means for Consumers
Spreadex Limited remains licensed by the UKGC and can continue to operate. This action shows the regulator is enforcing rules meant to protect customers from gambling-related harm and financial crime.
Full Details
The UK Gambling Commission (UKGC) has taken regulatory action against Spreadex Limited, imposing a financial penalty of £2.022 million. The decision, dated 7 May 2025, follows an investigation that found compliance failures between September 2022 and November 2023. This wasn't the only outcome. The operator also received a formal warning and had an additional condition attached to its operating licence.
The UKGC's review found that Spreadex Limited breached several key rules. These included failings in its procedures for preventing money laundering and terrorist financing (Licence Condition 12.1.1). The company also didn't meet standards for customer interaction (SRCP 3.4.3) and failed to follow a specific condition already on its licence. The regulator noted that the operator didn't properly consider anti-money laundering good practice for its casino operations (OCP 2.1.1).
Key Findings
- Financial penalty of £2.022 million
- Breaches of anti-money laundering (LC 12.1.1) and social responsibility (SRCP 3.4.3) rules
- Failures occurred between September 2022 and November 2023
- A formal warning was issued and an additional condition was attached to the licence
Timeline
| Action Date | 7 May 2025 |
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