Department of Trust (dotrust.co.uk), a renowned provider of financial risk assessments for safer gambling, is gearing up to address the challenges posed by the recently announced regulations on frictionless financial checks by the UK Gambling Commission and the Betting and Gaming Council.
According to the new regulations outlined by the Gambling Commission, operators are required to implement frictionless checks on all customers making £500 net deposits in any rolling 30-day period by August 30th. These checks are part of a comprehensive framework aimed at safeguarding players at risk of financial harm and aim to replace the current ad hoc approach to affordability checks.
In addition, Department of Trust acknowledges and supports the interim voluntary code published by the Betting and Gaming Council (BGC), a standards body representing a significant majority of UK-regulated market operators. This code emphasizes the responsibility of operators in supporting customers who exceed the lower threshold set by the Gambling Commission.
With its DoTrust Complete solution, Department of Trust offers an integrated suite of frictionless and enhanced financial risk checks, distinguished by its high level of automation capability. As the only tool specifically designed for safer gambling purposes, it is well-positioned to assist businesses in navigating the newly regulated landscape effectively.
Charles Cohen, CEO of Department of Trust, said: “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 no one won
“We now know that in 120 days, every operator will need to perform frictionless checks on all players with net deposits in a 30-day rolling period of £500. A few months later this will fall to a much lower level.
“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. 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 today 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.”
