BGC Introduces New Code: Mandatory Checks for Large Deposits
Date: 2024-05-01 Author: Robert Beloved Categories: EVENTS
The British Gambling Association (BGC) is at the forefront of protecting the interests of players. Operators who are signatories to the BGC's new voluntary code are now required to carry out risk assessments for customers wishing to deposit more than £5,000 a month.
Transparency and Security
BGC has today published the Customer Checks Code, which aims to ensure seamless checks on the availability of gambling in the UK. The move aims to improve transparency and safety in the gambling industry and comes in line with the UK Gambling Commission's pilot inspection programmes.
Code of Client Receipts
The Customer Receipts Code was developed with the participation of the Commission and supported by the government. It will operate as a voluntary temporary scheme until the Commission's checks have passed the initial testing stage.
Risk Assessment
Under new BGC rules, operators must carry out risk assessments for customers wishing to deposit more than £5,000. This includes both monthly and cumulative deposits to determine whether there is a risk or whether additional information about a player's financial situation is needed.
Risk assessment may include various methods such as:
- Interaction with the client to confirm income via chat or phone;
- Analysis of the player’s financial viability;
- Checking data from publicly available sources;
- Verification of information provided by the client himself;
- Obtaining financial information from third parties.
Additional Measures
If high financial risk is detected, operators should strengthen customer assessment measures. In addition, customers making deposits of £25,000 within 12 months will be subject to stricter scrutiny.
Path To Progress
The BGC's rules update reflects a commitment to improving security and transparency in the gambling industry. However, the BGC and the Gambling Commission are continuing to work on new codes to address concerns about money laundering and intrusive document checks.
These changes will not only improve customer protection, but will also help operators develop more responsible practices in the gambling industry. The pursuit of a safe and fair gaming environment remains a priority for the BGC and the Gambling Commission.
