Responsible Gambling Council calls on Canada’s financial sector to address gambling-related harm

(AsiaGameHub) –   It argues that the institutions are uniquely positioned to protect their customers’ financial well-being.

Canada.- The Responsible Gambling Council (RGC) is urging Canada’s financial sector to take a proactive role in mitigating gambling-related financial harm. A new whitepaper highlights how banks and credit unions are uniquely positioned to safeguard the financial health of their customers.

The whitepaper titled “Opportunities for Impact: The Role of Financial Institutions in Mitigating Gambling-Related Harm” explains that financial institutions have direct access to gambling transaction data that can reveal early warning signs of financial vulnerability, such as rapidly declining savings and increased reliance on overdrafts or credit.

The report notes that in the UK, banks like Monzo and Starling were among the first to offer voluntary gambling blocks to their customers, while in Australia, the National Australia Bank provides dedicated support pages and links to financial counseling services.

RGC recommends that Canadian financial institutions enhance the accuracy of Merchant Category Codes to better monitor gambling expenditures, implement voluntary transaction blocks and allow customers to set monthly spending limits, and integrate targeted messaging and support resources directly into digital banking platforms. RGC has stated its commitment to collaborating with the financial sector to develop evidence-based tools and resources.

Tracy Parker, Senior Vice President of Accreditation, Advisory & Insights at RGC, remarked: “The rapid expansion of regulated gambling in Canada demands an updated response from our financial systems. By adopting proven tools already used in other countries, Canadian banks can become leaders in protecting customer financial well-being.”