UK Gambling Commission fines Spreadex £2m for repeated AML and social responsibility breaches, exposing critical risk blind spots across regulators

The regulator’s investigation revealed critical weaknesses in Spreadex’s risk assessment processes, which failed to adequately factor in key customer, product, geographic, and payment risks, leading to an insufficiently risk-based approach to anti-money laundering (AML). Moreover, Spreadex excessively depended on customers’ self-reported financial information without conducting…