Meeting the Challenges of New Affordability Checks
Department of Trust (dotrust.co.uk), the award-winning provider of financial risk assessments for safer gambling, is prepared to take on the challenges brought about by the newly announced regulations on frictionless financial checks by the UK Gambling Commission and the Betting and Gaming Council.
Under the latest rules set by the Gambling Commission, operators must implement frictionless checks on all customers making £500 net deposits in any rolling 30-day period by August 30th. These checks are a part of a new regime aimed at safeguarding players at risk of financial harm, replacing the previous ad hoc approach to affordability checks.
Supporting Responsible Gambling
Department of Trust is also embracing the interim voluntary code issued by the Betting and Gaming Council (BGC), the standards body representing over 90% of UK-regulated market operators. This code outlines how responsible operators should assist customers who exceed the lower threshold specified by the Gambling Commission.
The DoTrust Complete solution provided by the supplier includes an integrated suite of frictionless and enhanced financial risk checks, with a high level of automation capabilities. This tool, designed specifically for safer gambling, is well-equipped to help businesses navigate the newly regulated landscape.
Automating Processes for Efficiency
In a statement, Charles Cohen, CEO of Department of Trust, emphasized the importance of smart automation in light of the new regulations. He highlighted the benefits of the DoTrust Complete solution, which automates over 90% of the processes required by both the new LCCP and BGC code.
Cohen stated, “If operators want to protect their business, keep their customers, and reduce costs, smart automation is the only answer. Department of Trust has developed a plug-and-play solution specifically for the gambling industry, ensuring instant assessments and cost-effective decisions for every operator and player.”
With the deadline fast approaching, the focus is on seamless implementation of frictionless checks to ensure compliance with the new regulations and promote responsible gambling practices.