A £1.36m fine has been imposed on sports spread betting platform Spreadex for social responsibility and anti-money-laundering failings.

The fine was set by the UK’s Gambling Commission for neglecting to provide financial alerts that would prevent customers from losing heavily over short periods. It reported that one player was able to deposit £1.7m and lost £500,000 in a month.
The AML failure was illustrated by one player facing a £25,000 deposit alert but was permitted to increase the alert for further review to £100,000.
Said Leanne Oxley, Gaming Commission director of enforcement and intelligence: “While it is disappointing to see anti-money laundering and social responsibility breaches occur despite our extensive published cases highlighting similar failures, we note the swift and robust action the licensee took to bring itself back to compliance.”