Following an investigation from Great Britain’s Gambling Commission (GBGC), Spreadex, which operates Spreadex.com, has been issued a penalty of £2,022,000.
The GBGC uncovered anti-money laundering (AML) and social responsibility failings, including AML policies which were “not appropriate to prevent money laundering and terrorist financing.”
In addition to the fine, Spreadex will also have to undergo a third-party audit to ensure its AML and safer gambling policies and controls have been effectively implemented.
“The conclusion of this case marks the second time Spreadex has been subject to enforcement action,” said John Pierce, commission head of enforcement. “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.
"Effective social responsibility measures must be in place at all times to ensure that consumers identified as being at risk receive timely and proportionate interventions.”
