The Gambling Commission (Great Britain) has recently announced that will it will require remote gambling operators and those entities holding customer funds to provide a four weekly report containing details of the weekly player account reconciliations.
In addition, the report will need to contain information about the bank accounts where players' money is held, assets and liabilities, currencies and the level to which players' funds are protected. Furthermore, the report will have to contain an explanation if there are any differences between the amount held for the benefit of players and the total liability to players. Most importantly the report will need to be certified by an appropriate person within the operator.
This new requirement by the Gambling Commission brings the regulation of client funds closer to that of the financial services industry where this type of reporting requirement is commonplace. Due to the shear volumes of transactions involved in remote gambling, data reconciliation that uses manual processes are cumbersome, expensive, error prone and lack good governance. Automation of the reconciliation process will be essential to ensure accuracy of output and a full audit trail.
Andrew Tottenham, Managing Director of Tottenham & Co said, "We welcome the Gambling Commission's move towards bringing the regulations concerning the protection of clients' funds closer to that of the financial services industry. AutoRek automates and simplifies the process to produce an accurate, global financial reconciliation as well as report production and submission. Through using AutoRek Finance Directors or other appropriate persons can be assured that the report submitted to the Gambling Commission is accurate, produced and submitted on time and in a cost effective manner."
Gordon McHarg, Managing Director of AutoRek said, "We realise the additional burden that the Gambling Commission's new customer funds reporting requirements will put on the industry. Our products are designed to integrate seamlessly with your existing systems to deliver full compliance with the new regulations in a highly automated fashion, including the delivery of automatic reporting to the Commission.