It comes after a compliance assessment undertaken in July 2023 shone a light on shortcomings in the approach of the firm.
Furthermore, the firm is set to undertake an independent third-party audit to ensure its AML and safer gambling controls are being properly enforced.
At the heart of the failings was Spreadex’s failure to consider core risk factors such as customer profiles, transaction methods and geographic exposure.
In terms of social responsibility, the report signified an example of when a customer hit a daily deposit cap of £3,340 on 12 separate days within two weeks. Despite this aggressive spend rate, Spreadex had minimal response or interaction with the customer.
John Pierce, UKGC Head of Enforcement, stated: “The conclusion of this case marks the second time Spreadex Limited has been subject to enforcement action. Its failure to uphold anti-money laundering standards, delay..