Award-winning provider of financial risk assessments for safer gambling, Department of Trust, is poised to meet the challenges of the newly announced regulations on frictionless financial checks by the UK Gambling Commission (UKGC) and Betting & Gaming Council (BGC).
Under the new rules published by the UKGC, operators have until August 30th to implement frictionless checks on all customers making £500 net deposits in any rolling 30-day period.
These frictionless checks form part of a new regime designed to protect players at risk of financial harm and replace the current ad hoc approach to affordability checks.
Department of Trust also welcomes the interim voluntary code published today by the BGC, the standards body representing over 90% of UK-regulated market operators. This code focuses on how responsible operators should support customers spending above the lower threshold set out by the UKGC.
The supplier’s DoTrust Complete solution offers an integrated suite of frictionless and enhanced financial risk checks with a high level of automation capability – the only such tool built solely for safer gambling – and is perfectly positioned to help businesses navigate the newly regulated waters.
Charles Cohen, CEO of Department of Trust, says: “These important announcements flag the end of gambling’s ‘sus law’ where players faced seemingly arbitrary requests for personal information, operators were placed under a significant burden, and nobody won!
“If operators want to protect their business, keep their customers and reduce costs, smart automation is the only answer. Department of Trust has spent over two years building the leading plug-and-play solution specifically for the gambling industry.
“DoTrust Complete already automates over 90% of the processes required in both the new LCCP and BGC code. Now we know what the requirement will be, we are committing to the goal of 100%. We want every operator and player to have instant assessments and sensible decisions cost-effectively. No one needs to lose sleep over this.”.
