Gambling firm Spreadex has been fined £2 million [$2.7 million] for money laundering and social responsibility failings, the regulator said.
The online firm failed to carry out appropriate checks on a customer who hit a daily deposit limit of £3,340 on 12 occasions over 14 days, the Gambling Commission said. Despite the high spending over a short period, Spreadex’s social responsibility interactions consisted of four pop-up messages without any human interaction.
Anti-money laundering failures included failing to ask for “source of funds” information from a customer who deposited around £64,000 into the business within a short period. The customer went on to lose £50,000 within one month.
Spreadex Limited – which operates from Spreadex.com – will pay a £2,022,000 penalty for the failings.
