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Department of Trust and ComplianceOne Collaborate on Financial Risk Checks

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The Department of Trust, which conducts financial risk assessments linked to safer gambling, has partnered with ComplianceOne Group to provide support to operators as they seek to introduce new financial risk checks for players.

Through the collaboration, they are aiming to help operators adjust to the upcoming regulatory changes as efficiently and cost-effectively as possible. The industry is expecting the UK to introduce new regulations that obligate online gambling operators to run enhanced financial risk checks on roughly 20% of players each month, focusing on those who are considered to be at high risk of gambling harm.

The UK Gambling Commission will be evaluating operators based on the checks that they carry out, how they respond, and their policies governing the outcome of the checks.

Partnership to Provide Integrated Solution

Through their partnership, the Department of Trust and ComplianceOne Group will be building an integrated solution to offer operators that includes advice, tools, and the data needed to carry out effective checks.

ComplianceOne has a strong pedigree in supporting online operators with complex regulatory challenges, particularly those involving technology. We recognize that for operators to complete financial risk checks satisfactorily, they will require more than technology: new knowledge, processes and expert advice will be essential to success. Through this partnership, they can access both.

Charles CohenDepartment of Trust CEO

Antonio Zanghi, the CEO of ComplianceOne CEO, said that operators are concerned about both how they are going to carry out the new enhanced checks and how they can integrate the checks into their risk management and strategies relating to responsible gambling. He explained how ComplianceOne is able to use its experience to help operators of all sizes overcome the upcoming regulatory challenges and ensure compliance.

Helping Operators Navigate Changing Regulations

In July 2023, ComplianceOne Group became a member of the Netherlands Online Gambling Association (NOGA). This fits in with its strategy of helping operators in jurisdictions where the regulations are evolving, such as the Netherlands.

Operators using the Department of Trust’s platform have seen their success when asking for confirmation of income from players increase by six times or more when compared to other methods.

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