FullCircl Launches Financial Vulnerability Solution in response to New Gambling Commission Regulation
LONDON, Aug. 8, 2024 /PRNewswire/ -- W2 by FullCircl, the single identity verification platform helping gambling operators grow faster with compliance solved, has announced the launch of a market-first Financial Vulnerability Solution, designed to immediately take the pressure off operators ahead of the Gambling Commission's new player safety regulations, which come into force on 30th August 2024.
The new solution, delivered rapidly via seamless API integration, helps gambling operators deliver a safer environment for players, identify and mitigate possible harm, and boost both regulatory compliance and corporate social responsibility. It provides the widest range of financial, lifestyle, and vulnerability data currently available, to help operators implement the new light-touch checking regime before the deadline – including CCJs, IVA, backruptcy, debt and credit data, income and affordability verification, and a range of vulnerability indicators. Combining and matching data assets from multiple sources to build a single customer view and clear picture of risk, with minimal impact on player experience.
The solution launches with the backing of one of the largest independent bookmakers in the UK. The operator immediately reaped the benefits of aligning to the new legislation, getting ahead of the competition when it comes to player protection, and creating a safe, enjoyable, efficient, and socially responsible betting experience.
The new checks form part of the Gambling Commission's planned roll out of widespread regulatory reform aimed at increasing safety and customer choice across the sector. The new light-touch checks must be conducted for all players with £500 net deposits in a rolling 30-day period.
Speaking about the launch, Andrew Yates, CEO at FullCircl commented: "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 as a global leader in player identity verification FullCircl is once again leading the way. We've taken the complexity out of compliance, assisting operators to quickly, comprehensively, and cost-effectively check every player that meets the threshold for light-touch vulnerability checks. Operators leveraging W2 by FullCircl are protecting customers and building a complete view of affordability, whilst delivering a frictionless customer experience."
NOTES TO THE EDITORS
About FullCircl:
FullCircl is a B2B SaaS company that brings regulation fully in-step with customer acquisition, creating better business from the start. Its global solutions drive revenue growth, keep risk and compliance in check, and streamline customer onboarding. Its software, delivered through a platform, API, and suite of applications reduces the cost to acquire and serve, clears the way for positive customer relationships, and accelerates profitable growth.
FullCircl identifies millions of actionable insights daily, providing a near real-time record of companies, their officers and shareholders, and the relationships between them. It enables businesses to verify the identity of corporate entities and individuals and orchestrate many of the time-consuming checks needed to conduct customer due diligence during onboarding, such as KYC, AML and fraud, empowering businesses to satisfy regulatory requirements and make informed decisions about their customers. By embedding KYB and KYC from the very beginning of the customer engagement, FullCircl has compliance solved.
FullCircl was formed following the acquisition by Artesian Solutions of DueDil and is backed by top tier investors including Octopus Investments, Notion Capital and Augmentum Fintech. In 2023, FullCircl acquired W2 Global Data Solutions, strengthening its KYC, AML, Fraud Detection and identity verification capabilities. Today, it serves over 500 customers, 15,000+ web application users, processes over 300 million checks per month and facilitates the onboarding of 200,000+ customers annually.
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