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Spreadex fined £1.4m by Gambling Commission UK on an investigation into AML failure

Spreadex fined £1.4m by Gambling Commission UK
Spreadex fined £1.4m by Gambling Commission UK on an investigation into AML and Social responsibility failures
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Spreadex fined £1.4m by Gambling Commission UK on an investigation into AML and Social responsibility failures


Spreadex Limited will remit £1.4m amounting to $1.6M following an investigation in the UK led by the Gambling Commission on social responsibility and anti-money laundering failures.

 

Concerning the settlement with the Gambling Commission, the supplier is to pay the money to socially responsible causes. The social responsibility failure the Gambling Commission listed includes ineffective financial alerts that allowed users to lose a huge amount of money over a short period. The lack of sufficiency in evaluating and recording customers interactions

 

Account restriction modalities not put in place


According to an investigation, a particular customer was able to deposit £1.7m and lose a whopping £500,000 in one month. The commission report shows that customer interactions had taken place, they had not been diligently evaluated and the restriction of account has not been effectively considered.

 

In the anti-money laundering failures aspect, there was also a customer who made a £25,000 financial deposit alert yet was allowed to increase the alert for further review to £100,000. These are pure indications that self-declaration of income and open course checks are not met.

 

In another instance, a customer was able to deposit £365,000 and lose £284,000 within three months without a source of funding being effectively established.

 

More customers were found to violate the depositing limit


Another user again was allowed to continue depositing funds after having provided redacted bank statements as a source of funds. Gambling Commission Director of Enforcement and Intelligent Leanne Oxley states this:

 

” While it is heartbreaking to see anti-money laundering and social responsibility breaches occur despite the strict and extensive released cases highlighting similar failures, we note the quick and robust action the licensee took to bring itself back to compliance. We expect similar engagement and commitment across the gambling sector. —- Leanne Oxley —- Gambling Commission Director of Enforcement and Intelligent —-

 

 

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