Financial technology firm, Armalytix, focused on mitigating financial misconduct and evaluating risks within the gaming sector, has partnered with Betsmart Consulting, a frontrunner in regulatory compliance guidance. Their objective? To simplify the user experience by optimizing the process of validating the origin of funds – a pressing concern currently, particularly in the realm of online gaming.
By merging their proficiency with cutting-edge open banking solutions, they aspire to transform how affordability assessments are conducted during the registration process on betting platforms. The focus is on ensuring adherence to regulations while maintaining a seamless and effortless experience for the user.
Kirsty Caldwell, Chief Executive Officer of Betsmart, highlights an escalating issue: “We’re observing a substantial decline in activity due to the heightened scrutiny within the sector. Patrons are frequently requested to furnish confidential documentation such as bank records and salary slips if even a slight anomaly is detected. This can be perceived as excessive and intrusive, especially when their intention is purely recreational. Ultimately, it could lead them to seek out competitors who offer a more streamlined approach.”
Armalytix has partnered with Betsmart to create a more seamless journey for all,” shared Richard McCall, Armalytix CEO. “Our priority is ensuring individuals can enjoy responsible gaming without financial strain, and we’re achieving this while maintaining an enjoyable atmosphere.”
He continued, “Betsmart possesses deep expertise in regulatory compliance and demonstrates a genuine commitment to their user base. They were the clear frontrunner for us.”