FullCircl introduces financial vulnerability solution for gambling operators
FullCircl launches financial vulnerability solution for gambling operators to comply with UK Gambling Commission regulations.
W2 by FullCircl has announced the launch of its Financial Vulnerability Solution, a tool designed to help gambling operators comply with upcoming UK Gambling Commission regulations.
The new player safety regulations, effective 30 August 2024, require operators to conduct financial vulnerability checks on players with net deposits of £500 ($635) or more within a rolling 30-day period.
The Financial Vulnerability Solution offers a range of data, including financial, lifestyle and vulnerability indicators. It integrates with operators’ systems via an API, providing data such as County Court Judgments (CCJs), Individual Voluntary Arrangements (IVAs), bankruptcy, debt, credit, income and affordability verification.
The solution aims to support operators in implementing the new “light-touch” checks mandated by the Gambling Commission to enhance player protection and corporate social responsibility.
A major UK bookmaker has adopted the system, allowing it to comply with the regulations ahead of the deadline. This implementation is intended to strengthen player protection measures and create a more socially responsible gambling environment.
The Gambling Commission’s new regulations are part of a broader initiative to improve player safety and customer choice within the gambling sector. By requiring operators to conduct detailed financial checks, the regulations aim to identify and mitigate potential harms associated with gambling.
Andrew Yates, FullCircl CEO, stated: “The new financial vulnerability requirements put increased pressure on gambling operators to better identify and support customers who are susceptible to harm. Technology has a key role to play in implementing these important reforms and I’m delighted that… FullCircl is once again leading the way.”
Earlier this year, FullCircl’s platform, W2, was selected by Novibet for its digital compliance and anti-money laundering solutions. This partnership allows Novibet to access global sanctions and watchlist data through a unified API, aiming to enhance its compliance efforts and player protection.
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