Spreadex Limited
Account number
8835
Head office address
Spreadex Ltd, 26-30 Upper Marlborough Road,ST. ALBANS, AL1 3UU, United Kingdom
Regulatory actions
What is a settlement?
Following an investigation into a licence holder we may enter into a regulatory settlement. These take place, for example, where the licence holder has been open and transparent with us and has shown a willingness to suggest actions that prevent the need for a more formal sanction.
Decision date: 25 August 2022
Outcomes: Payment in lieu of financial penalty, Divestment, Public statement and Commission costs
Details of action
This investigation resulted in the commencement of a section 116 regulatory review of Spreadex Limited (Spreadex). The Commission commenced its regulatory review on 2 June 2021, following concerns identified in a compliance assessment conducted in May 2021.
The regulatory review found failings in Spreadex’s procedures which were aimed at preventing Money Laundering (ML) and protecting vulnerable people.
Between January 2020 and May 2021 Spreadex breached the Licence Conditions and Codes of Practice (LCCP), specifically:
- paragraphs 1, 2 and 3 of licence condition 12.1.1, requiring the prevention of money laundering and terrorist financing. This includes its failure to act in accordance with the Commission’s guidance: The Prevention of Money Laundering and Combating the Financing of Terrorism - Guidance for remote and non-remote casinos OCP 2.1.1 – Anti-Money Laundering (Casino)
- paragraphs 1 and 2 of Social Responsibility Code Provision (SRCP) 3.4.1, requiring licensees to interact with customers in a way which minimises the risk of customers experiencing harms associated with gambling, and to take into account the Commission’s guidance on customer interaction.
Taking into account remedial action taken by Spreadex and in line with our Statement of Principles for licensing and regulation, Spreadex will pay a total of £1,363,786 in lieu of a financial penalty.
More information about this case can be found on the Commission’s website.
What is a sanction?
When a licence holder has not followed rules and regulations aimed at ensuring gambling is fair, safe and crime-free, we can take action and impose the following sanctions:
- Give the licensee a warning
- Add, remove, or amend a condition to the licence
- Suspend a licence
- Revoke a licence
- Impose a financial penalty
Decision date: 7 May 2025
Outcomes: Conditions attached to the licence, Financial penalty, Conditions attached to the licence and Financial penalty
Details of action
Following a review of the operating licence of Spreadex Limited (the Licensee), the Commission found that between September 2022 and November 2023 the Licensee:
Breached paragraphs 1, 2 and 3 of Licence condition 12.1.1: Anti-money laundering - Prevention of money laundering and terrorist financing.
Failed to comply with paragraph 9c of Social Responsibility Code Provision (“SRCP”) 3.4.3: Customer Interaction.
Failed to comply with a specific condition attached to its operating licence
Failed to sufficiently consider ordinary code provision (“OCP”) 2.1.1 Anti-money laundering - casino*.
In line with the Commission’s Licensing, compliance and enforcement policy statement, the Indicative sanctions guidance, and the Statement of principles for determining financial penalties, the Commission has decided to:
- impose a warning under section 117 (1)(a) of the Gambling Act 2005 (the Act);
- impose a financial penalty of £2,022,000; and,
- attach an additional condition to the Licensee’s operating licence under section 117(1)(b) of the Act.
The Licensee co-operated with the Commission throughout the investigation.
* An OCP sets out good practice. Operators may adopt alternative approaches to those set out in ordinary code provisions if they have fully considered the risk and recorded its reasoning