Partnership Between Department of Trust and Compliance and One Group Established
The UK is set to introduce new regulations that require online gambling providers to conduct frictionless, enhanced financial risk checks on approximately 20% of accounts each month. These checks could potentially involve millions of individual assessments, with a focus on those at greatest risk of harm.
In response to these upcoming regulations, ComplianceOne and Department of Trust have formed a partnership to help operators integrate the new financial risk checks into their wider risk management and safer gambling strategies. This partnership offers operators a comprehensive solution for navigating the challenges of the new financial risk checks.
The integrated advice, tools, and data solution provided by ComplianceOne and Department of Trust combines expert compliance advice, advanced analytical tools, and relevant data. This enables gambling operators to systematically perform financial risk assessments, monitor transactions, and enforce anti-money laundering controls in line with new UK regulatory standards.
Key elements of this solution include:
- Regulatory Guidance and Compliance Advice: Helping operators understand the new UK financial risk regulations in the gambling sector and implement proper controls accordingly.
- Analytical and Monitoring Tools: Technology enabling real-time risk checks on customer transactions, identification verification, and behavioral pattern analysis to identify suspicious activity promptly.
- Data Integration: Access to curated data streams relevant to AML (Anti-Money Laundering) and financial crime, supporting operators in performing due diligence and transaction monitoring effectively.
Antonio Zanghi, CEO of ComplianceOne, expresses concerns about operators integrating the new class of player risk assessment into their wider risk management and safer gambling strategies. He emphasises the need for operators to meet deadlines in implementing the new financial risk checks. Charles Cohen, CEO of Department of Trust, acknowledges ComplianceOne's expertise in supporting online operators with complex regulatory challenges, particularly those involving technology.
Operators can engage ComplianceOne and DoTrust early in the planning process to ensure they are fully prepared for when the assessments are mandated, likely in 2024. With a decade-long experience in helping operators of all scales meet regulatory challenges, ComplianceOne brings valuable insights to the partnership. Department of Trust, on the other hand, provides operators with the necessary tools, data, know-how, and capability to design and implement effective policies and reporting for these risk checks.
The partnership between ComplianceOne Group and Department of Trust aims to help operators comply with the upcoming regulations and manage financial risks associated with gambling. By working together, these two companies offer a robust solution for online gambling operators to meet enhanced regulatory requirements with comprehensive support.
[1] Source: Regulatory Focus (regfocus.com) [2] Source: Gambling Compliance (gamblingcompliance.com) [3] Source: iGaming Business (igamingbusiness.com)
- Given the impending UK regulations mandating online gambling providers to carry out monthly financial risk checks, ComplianceOne and Department of Trust have partnered to offer a solution that integrates new financial risk assessments into operators' wider risk management and safer gambling strategies.
- To navigate the challenges posed by these new financial risk checks, operators can take advantage of the analytical and monitoring tools, regulatory guidance, and compliance advice provided by ComplianceOne and Department of Trust, encompassing technology, expert advice, and curated data streams in line with regulatory standards.
