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W2 by FullCircl is a single identity verification platform that helps gambling operators grow faster and with better compliance. They have announced the launch of Financial Vulnerability Solutions, a first on the market, to relieve operators of immediate pressure ahead of the new Gambling Commission regulations for player safety, which will come into effect 30th August, 2024.
This new solution is delivered quickly via API integration and helps gambling operators provide a safer environment for their players, identify potential harm and enhance both regulatory compliance as well as corporate social responsibility. The solution provides the most comprehensive financial, lifestyle and vulnerability data available to operators, allowing them to implement the new light touch checking regime by the deadline. This includes CCJs and IVAs, as well as debt and credit information, income and affordability verification and a variety of vulnerability indicators. Data assets are combined and matched from different sources to create a clearer picture of risk and a single view of the customer. This has minimal impact on the player’s experience.
One of the UK’s largest independent bookmakers has backed the solution. The operator immediately realized the benefits of aligning with the new legislation. It was able to get ahead of the competition in terms of player protection and create a safe, fun, efficient and socially responsible gambling experience.
The new checks are part of a wider regulatory reform that the Gambling Commission plans to implement in order to increase safety and choice for customers across the industry. All players who have made net deposits of PS500 or more in the last 30 days must undergo these new checks.
Andrew Yates, FullCircl’s CEO, commented on the launch: “The new requirements for financial vulnerability put greater pressure on gambling operators in identifying and supporting customers who may be vulnerable to harm. FullCircl, a leader in the field of player identification verification, is leading this important reform. We have taken the complexity out compliance by assisting operators in quickly, comprehensively and cost-effectively checking every player who meets the threshold of light-touch vulnerabilities checks. “Operators using W2 by FullCircl protect their customers, build a complete picture of affordability and deliver a frictionless experience to the customer.”
