New Regulations Prompt Department Of Trust And ComplianceOne Group Collaboration

New Regulations Prompt Department Of Trust And ComplianceOne Group Collaboration

In response to imminent regulatory changes in the UK gambling industry, Department of Trust, renowned for its financial risk assessment solutions, has joined forces with ComplianceOne Group.

This collaboration aims to assist operators in implementing enhanced financial risk checks on players effectively.

Anticipated regulations in the UK will necessitate online gambling providers to conduct frictionless, enhanced financial risk checks on approximately 20% of accounts each month.

This translates to millions of individual assessments, with a focus on individuals deemed to be at a higher risk of harm.

Operators not only face the challenge of conducting thorough checks but also must demonstrate appropriate actions and policies in response to the outcomes of these assessments, marking a significant shift in risk assessment protocols.

The partnership between ComplianceOne and Department of Trust offers operators a comprehensive solution, combining DoTrust's tools and data for assessments with ComplianceOne's expertise in designing and implementing effective policies and reporting.

Charles Cohen, CEO of Department of Trust, emphasized the importance of expertise alongside technology, stating, "For operators to conduct satisfactory financial risk checks, they need more than just technology. New knowledge, processes, and expert advice are essential for success. Through this partnership, they can access both."

Echoing this sentiment, Antonio Zanghi, CEO of ComplianceOne, highlighted the challenge operators face in integrating these assessments into their broader risk management and safer gambling strategies. He expressed confidence in leveraging their experience to support operators in meeting regulatory requirements effectively.

With deadlines looming, operators can engage with the firms early in the planning process to ensure readiness for the mandated assessments, expected later in 2024.

This collaboration aims to empower operators to navigate regulatory changes seamlessly while upholding the highest standards of player protection.