W2 Data and Crucial Compliance have joined forces to facilitate compliance across numerous jurisdictions and create better legal guidelines for operators and businesses in iGaming.
Powering up AML and KYC in iGaming
Compliance and risk assessment will be a leading topic in iGaming and online gambling in the years to come, and a new alliance between W2 Data, a provider of state-of-the-art AML and KYC services, and Crucial Compliance, an iGaming consultancy exemplifies the emphasis that regulators, business and consumers put on running a clean industry.
Under a newly-forged partnership, the two companies will deliver data-driven solutions to help iGaming brands tailor their strategies and stick to growth targets by adapting products to the specific prerequisites of each market they want to break ground into or already operate in.
The services offered by W2 Data and Crucial Compliance will cover multiple jurisdictions and provide quick and reliable updates as regulatory changes happen.
W2’s experience in developing compliance modules spans several years of experience and Crucial Compliance has been at the forefront of creating smart policies that guarantee compliance with responsible gambling practices and laws.
Companies have long feared that lack of clarity in regulation leads to contention with authorities, which is exactly where W2 and Crucial can be helpful.
In Europe in particular, companies in regulated markets have been faced with new, tougher challenges pertaining to misinterpreted rules, creating confusion and uncertainty for businesses.
Charting a Course for a Simple-to-Integrate Compliance
The partnership between the companies allows Crucial to work with a running mate that will make the integration of compliance solutions easy, supporting both the company’s existing platforms as well as back up clients and their own products.
Commenting on the partnership, Crucial COO Andy Masters explained that the companies are also joining efforts to create an analytical roadmap focused on solving complex data-driven challenges across key sectors of interests, such as AML, EDD, and Compliance.
Masters expects solutions to arrive no later than Q1 2021, bolstering consumer protection and consumer decisioning across the board. The companies will work closely with each other, having a near-complete access to their assets to create a system that allows for enhanced AML, KYC and due diligence practices and guarantees the safety of business and consumers.
W2 Head of Sales Peter Murray was equally excited with the news, arguing that the company has been a market leader in compliance for the gaming sector for over a decade. Tanks to joining hands with Crucial Compliance, W2 would be able to ensure that critical issues are addressed and that businesses can guarantee the robust protection and safety of their consumer bases without breaching regulatory frameworks.
“We want that collaboration of data, technology, and subject matter expertise to deliver solutions that make a difference. 2021 is critical for the sector and we hope that we can play our part in the drive for safety, trust and sustainability,” Murray added.
Compliance is a particularly important in today’s world, with Germany, Spain, and the United Kingdom re-regulating their markets. The United Kingdom is faced with the most ambitious overhaul of the gambling industry since 2005 when Gambling Act was originally introduced.
Spain is also focusing on tougher consumer protection measures and so are the Nordic countries, which are considered an echelon for consumer protection in Europe. Most regulatory norms focus on restricting deposit limits, introducing loss limits, and more intuitive affordability checks, among others.