Mark Courtney is a Director of TruNarrative and Identity industry veteran, he has a wealth of experience in Gaming and Tech.
Is problem gambling a public health emergency? According to Tom Watson it is!
Whilst the UK remains the biggest market for online gambling, there are rumblings of worry on the horizon, in a debate which is becoming increasingly politicised; with deputy Labour leader Tom Watson lobbying to ban the use of credit cards for online gambling and proposing to ban gaming adverts during televised sporting events. There is certainly a healthy dose of hyperbole in the use of such emotive language, but nevertheless, Labour has made problem gambling a cornerstone of their recent narrative.
Also, we recently we saw the resignation of Sports Minister Tracey Crouch over delays in tightening FOBT regulations. This is certainly becoming a hot topic.
Even stricter legislation is on its way – of that there is no question!
The UK Gambling Commission has been growing in regulatory powers, likely as a direct consequence of well-documented industry issues. Problem gambling, unfit-for-purpose anti money-laundering processes and concerns about underage gamblers have not been addressed appropriately. Responsible gaming and regulation are the biggest challenges for the sector today. Better protection and faster detection of addictive behaviour is fundamental, as well as more robust regulation around money laundering controls. Industry players are reacting to these demands, investing resources and funds in order to meet the challenges. However, regulatory changes are coming at such speed (and volume) that many organizations are finding it hard to cope. Are your systems agile enough to manage these changes? Are they flexible enough to fit around your organizational needs – and those of the regulators – without impacting on your most loyal and VIP customers?
Industry players are prioritising compliance; however, they are also attempting to ensure that doing so does not come at the price of a poor customer experience. Separating the villains from your honest customers needs to be a compliant, frictionless and speedy experience – achieving that using legacy systems and juggling an ever-changing regulatory landscape is becoming increasingly difficult. With more regulation changes inevitable in the coming year, futureproofing your compliance systems and processes is now more imperative than ever!
As an industry how do we survive? And better yet, thrive!
Behavioural monitoring could lead the drive towards more responsible gaming by highlighting at-risk customers sooner, and as such provide support at an earlier stage. Similarly, from an anti-money laundering perspective, such technologies could also improve the ability to spot irregular behaviour or collusion. A more responsible gaming industry, and improved protection for problem gamers is the right thing to do; however, this does not necessarily mean that the current industry growth is unsustainable. The two are not mutually exclusive!
Effectively leveraging technology will be key in driving these changes, and the ability to adapt to new regulatory demands will test the agility and adaptability of those tech solutions currently employed by industry players. Many organisations still deploy cumbersome legacy systems – agile and customisable solutions will be essential in offering competitive advantage to those early movers.
If you or your organisation are looking for solutions around ID Verification, Customer Due Diligence, KYC & AML Compliance, or Behavioural Monitoring, or if you’re just looking for more information, then TruNarrative can help!
TruNarrative’s “unified platform” brings all of these solutions (and more!) into a single workflow.
Book a call with ID Verification expert, gaming sector veteran & TruNarrative director Mark Courtney, to discuss how TruNarrative can help streamline your financial crime strategy & processes.