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  1. Public Register
  2. Businesses
  3. Spreadex Limited

Spreadex Limited

Account number

8835

Head office address

Spreadex Ltd, 26-30 Upper Marlborough Road,
ST. ALBANS, AL1 3UU, United Kingdom

Regulatory actions

Settlement
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. 

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