Gambling & Gaming
The gambling and gaming industry has undergone immense change over the last 25 years. From a predominantly retail focussed industry, transacting with cash over the counter (with local customers in betting shops, casinos, bingo halls and playing the football pools), the industry has been an early and innovative adopter of digital technologies to drive explosive growth, such that the industry is now digitally driven, with international customers wagering cross-border on a plethora of gambling and gaming products.
This transformative growth brings new and complex challenges for the industry in the areas of Regulation and Compliance, to ensure industry practices and procedures are of the highest standards, and that customers are afforded the upmost levels of protection.
The gaming industry is at the frontier of financial crime prevention and player safety. The industry is under enhanced scrutiny and increasingly complex regulatory standards with little cross border consistency. The industry’s compliance challenge is complicated by the need for speed and high volumes of players.
Many gaming businesses have either scaled rapidly or grown through acquisition resulting in fragmented operating models with little or no consistency of approach to compliance with KYC standards at onboarding, screening or player lifecycle management. Few gaming businesses can manage risk through a single client view compliant with group operating standards. Consequently, group operating businesses are confronted with contagion risk that compliance failure in one operating business could jeopardise their ability to operate other commonly owned businesses or brands.
An opportunity exists for gaming businesses to consolidate vendors and gain a competitive advantage through the management of player risk by compliantly onboarding more players faster and dynamically managing risk throughout the lifecycle with automatic outreach and risk-based KYC refresh.
An in-depth look into the issue to help you to identify weaknesses in your existing compliance framework.
Why KYC360 for Gambling & Gaming?
The financial services sector has faced many of the same issues that the gambling industry faces today in terms of regulation and compliance. It has developed and evolved through some very challenging times, both for the financial services sector itself and from customer experience and perception.
There have been many new businesses launched over the last 10 years to specifically address some of the compliance challenges now faced by the gambling industry. KYC360 has been around for over 30 years servicing the financial services sector, and adapting to the changing requirements over this time period.
So whilst KYC360 is a new name for the gambling industry, we have a long heritage in providing technology-led onboarding and KYC/AML solutions, the detailed experience of which we can now bring to the gambling industry. A competitive advantage can be secured by adopting an industry leading approach to managing risk through compliance.
Compliance process transformation
Replace manual, error-prone compliance tasks at on-boarding and throughout the client lifecycle with automated, risk based and flexible solutions that allow you to accelerate your time to revenue and customer time to service without compromising compliance assurance.
Meet regulator expectations fast
We leverage the lessons of over thirty years of compliance experience in financial services to help gaming businesses accelerate their ability to comply with new and rapidly evolving regulatory standards.
Outstanding client experience
Achieve a competitive advantage by complying with award-winning technology that delivers a first-rate customer experience reducing prospect drop off and player churn.
Ease of integration
Ease of integration with your existing systems is vital to rapid ROI. Our no code solutions can be configured, integrated and deployed either on-premise or with two-way RESTful API solutions to best suit your requirements in multi-tenanted or private cloud infrastructures.
Verifying the age of customers is critical to ensure compliance with age restrictions and responsible gambling practices. You require reliable and efficient age verification technologies that can accurately determine the age of customers, detect potential fraud or false identification and support responsible gambling measures.
Data security and privacy
Protecting sensitive customer data from breaches, unauthorised access and cyber threats is of paramount importance. Robust data security measures, such as encryption, secure storage and adherence to data protection regulations, are essential for maintaining customer trust and compliance.
Collaboration with third-parties
Your business often works with third-party vendors, such as payment processors and game providers. Ensuring that these partners also adhere to KYC, screening, and compliance standards is crucial. Implementing technologies that facilitate secure data sharing, compliance checks and collaboration with third parties can streamline the overall operations and maintain regulatory compliance.