New Product and Service Compliance Reviews 

It is important when bringing new products and services to market that a thorough commercial analysis is undertaken of the opportunity. Similarly, and often overlooked, is the need to ensure that new products and services are examined from a legal and regulatory perspective to minimise the risks of potentially costly errors. 

As an example, AUSTRAC (Australia’s financial intelligence unit and anti-money laundering and counter-terrorism financing (AML/CTF) regulator, requires that the ML/TF risk of any new gambling service or process is assessed before it is offered to customers. That includes new ways of delivering existing products or services, using new technologies to deliver them or when a decision is made to engage with a new jurisdiction. 

Additionally, the design of gambling products and services should be assessed for regulatory compliance.

• Does the initiative comply with any required technical standards?

• Am I able to offer this product or service within the scope of my licence or do I require any particular approval or authority?

• Is the product or service secure or does it create any privacy or cyber-security risks?

• Are customer rights negatively impacted and, if so, how does this need to be addressed?

• Am I able to market this new product or service to my target audience or are there regulatory prohibitions or restrictions that I need to be aware of? 

It is important to obtain the benefit of informed advice at an early stage. We have detailed practical experience advising on initiatives from ideation through to post-implementation evaluation. 

Please get in touch with the Senet team to discuss how we can assist you to ensure your objectives are met.