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Compliance Updates

FullCircl acquires W2 Global Data Solutions: Transforming the Future of Smart Customer Onboarding

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FullCircl, the Customer Lifecycle Intelligence (CLI) platform that helps financially regulated businesses do better business, faster, has announced the acquisition of W2 Global Data Solutions, a provider of real-time digital solutions for global regulatory compliance. The acquisition strengthens FullCircl’s compliance suite and accelerates the company’s ambition to become the market leader in smart customer onboarding solutions for regulated businesses.

With expansive datasets and deep subject matter expertise in identity verification, W2’s global KYC, AML, and anti-fraud services are a natural complement to FullCircl’s medium-term growth strategy. It will enable further enhancements to FullCircl’s suite of applications and APIs, while creating a unique end-to-end solution for companies seeking to embed insight on customers through acquisition, onboarding, and ongoing monitoring.
The combined company now provides coverage on entities located in 160 countries, offers broader market appeal, and new opportunities to target consumer-related finance segments such as personal finance, gaming, gambling, and crypto. W2 brings 120 customers to FullCircl’s 600-strong customer base, with no overlap.
Under the terms of the agreement W2 will trade as “W2 by FullCircl”. Warren Russell will continue to lead the business and will join the senior management team at FullCircl. FullCircl will also seek to retain the W2 team, recognising that the value of W2 lies in the combination of its product, data partnerships, customers, and talent. Existing W2 and FullCircl customers will not see any impact to their relationships but will now be able to benefit from the power of the combined platform, and the acceleration of new capabilities for as yet unsolved industry challenges.

Speaking about the acquisition, Andrew Yates, CEO at FullCircl, commented: “Today we are excited to announce the latest milestone in the growth of our company, with the completion of our acquisition of W2. W2 shares our vision to help regulated businesses mitigate risks and deliver next-generation onboarding that meets both customer expectations and the compliance requirements of our rapidly changing world. This is great news for customers of both W2 and FullCircl, who will benefit from enhancements that will transform their compliance and risk management processes. We look forward to welcoming our new colleagues and together building on our combined expertise to deliver something truly game changing.

We are thrilled to become part of the FullCircl family,” said Warren Russell, Founder and CEO of W2. “This is the culmination of 12 years’ work building innovative technology to simplify complex regulatory requirements in customer onboarding. From our initial discussions with the FullCircl team, it was clear that we held the same values and mission, with commitment to our people, innovation, customer success, and growth. We are absolutely delighted to join FullCircl and embark on the next ambitious chapter with our clients and partners. Together we look forward to not only continuing our mission but amplifying it, as we leverage shared resources and expertise.” 

Compliance Updates

3 Oaks Gaming granted UKGC licence

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3 Oaks Gaming granted UKGC licence
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iGaming supplier advances growth strategy with key regulatory approval

3 Oaks Gaming, an established distributor of iGaming content, has announced that it has been granted its remote operating licence from the UK Gambling Commission (UKGC).

This prestigious achievement is a monumental landmark for the company who will now be able to distribute its games to licenced operators within the United Kingdom. This milestone not only expands the company’s reach, but also solidifies its position as a provider of choice within the industry.

Operators can anticipate access to a diverse selection of the supplier’s top-performing games, such as 3 Hot Chillies, Coin Volcano, and Sun of Egypt 3 which are currently undergoing certification, ensuring compliance and seamless integration for future partners.

Securing a UK licence represents a pivotal moment in the trajectory of 3 Oaks Gaming, as the provider prepares to announce significant commercial agreements in the coming months. This strategic business development achievement is set to complement the company’s current operations, bolstered by its existing Isle of Man licence.

Sebastian Damian, Managing Director of 3 Oaks Gaming, said: “We are thrilled to have obtained our UKGC licence, an esteemed accreditation within one of the world’s most recognised gambling markets. With this milestone achieved, we are dedicated to delivering high-quality, engaging content to UK-licenced operators.

“Our focus remains on progressing our market position and achieving ambitious growth goals, all while upholding our commitment to promoting responsible gaming.”

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Central Europe

DSWV Calls for Changes as Black Market Betting Rises in 2023

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The German Sports Betting Association (DSWV) has analysed the development of the German sports betting market for 2023 at its annual press conference. The main focus was on tax revenues, the black market and player protection.

Decline in Tax Revenue

In 2023, legal sports betting providers in Germany recorded stakes of €7.72 billion, a decrease of 5.4% compared to the previous year.

“Instead, the money flows into the coffers of the black market providers,” DSWV President Mathias Dahms said.

This development illustrates the challenges facing the legal market. One important reason for the decline is the migration of many players to illegal offerings. For example, since the State Treaty on Gambling came into force in 2021, regulated providers have not been able to keep up with the extensive betting offers of the black market due to a limited betting programme. The association is, therefore, calling for attractive framework conditions for regulated providers so that they remain competitive.

Combating the Black Market

Despite regulation, the black market has a significant market share in Germany. Studies, such as the Schnabl study by DSWV and DOCV, show that around half of the time spent by German online gambling users is spent on illegal sites. This alarming development requires urgent action on the part of the Joint Gambling Authority of the federal states (GGL). The DSWV is, therefore, calling for a reorientation of the current regulatory policy in order to strengthen the legal market and curb the black market.

Promotion of Player Protection

Many interested parties will open betting accounts during the European Football Championship. It is, therefore, all the more important that gamblers are directed to the legal market. Advertising helps to make the brands of legal providers stand out from the illegal offers on the black market. Only companies permitted by the GGL protect players. In the debate on sports betting advertising, the DSWV is, therefore, expressly opposed to a ban on advertising.

“No company can survive if it is not allowed to advertise, and this must remain the case for sports betting providers. Otherwise, players are left with the black market, where there are no protective measures and controls,” Dahms said during the conference.

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Australia

ACMA Blocks More Illegal Gambling Websites

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The Australian Communications and Media Authority (ACMA) has requested the Australian internet service providers (ISPs) to block 12 more illegal gambling websites, after investigations found these services to be operating in breach of the Interactive Gambling Act 2001.

The latest sites blocked are Playzilla, Wazamba, Zet Casino, Slots Palace, Nomini, Casinia, SG Casino, Fez Bet, Buran Casino, Spin Better, Golden Bet and Clash.gg.

Website blocking is one of a range of enforcement options to protect Australians against illegal gambling services. This action can be taken if a service is:

  • providing prohibited interactive gambling services to customers in Australia (such as online casinos, online slot machines and services that allow in-play online sports betting)
  • providing an unlicensed regulated interactive gambling service to customers in Australia (such as online betting services that don’t have a valid Australian licence)
  • publishing ads for prohibited interactive gambling services or unlicensed regulated interactive gambling services in Australia.

Since the ACMA made its first blocking request in November 2019, 926 illegal gambling and affiliate websites have been blocked. Over 220 illegal services have also pulled out of the Australian market since the ACMA started enforcing illegal offshore gambling rules.

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