Streamlining Source of Funds Checks in Online Gambling: Armalytix and Betsmart Consulting Join Forces

Financial crime-fighting and gambling risk assessment fintech firm, Armalytix, has partnered with Betsmart Consulting, a top regulatory compliance advisory for gaming companies. Their objective? To simplify the often unwieldy procedure of confirming gambler fund origins.

The industry has significantly increased efforts to combat money laundering and promote responsible gaming. Operators must now conduct more rigorous affordability and source of wealth examinations. Although crucial, the conventional approaches for accomplishing this are awkward. Customers are bombarded with requests for financial documents and salary slips, which feels intrusive and, honestly, bothersome. This is a significant deterrent for customers, resulting in dissatisfaction and revenue loss for operators.

Armalytix and Betsmart aim to make the entire process more efficient by merging their knowledge with cutting-edge open banking technology. The concept is to validate a customer’s financial standing in a way that satisfies regulatory standards without alienating customers. This collaboration represents a step toward a more responsible and customer-centric online gambling environment.

Armalytix has partnered with Betsmart to create an enhanced user journey,” stated Richard McCall, Chief Executive Officer of Armalytix. “Our objective is to incorporate financial verifications smoothly at various points, enabling customers to engage in wagering activities without needless obstacles.”

McCall continued, “Betsmart’s commitment to ethical gaming practices and their comprehensive knowledge of regulatory frameworks made them the ideal collaborator for us.”