About the Client
Our client, a leading global gambling company, operates in over 20 countries and serves millions of players worldwide.
With a diverse and dynamic player base, they face the complex challenge of conducting effective Know Your Customer (KYC) and Anti-Money Laundering (AML) screening.
Their existing screening system is rigid, slow and generates an overwhelming number of false positives.
The client’s primary concern is the need for a more flexible, efficient and accurate solution to handle their vast player base while complying with the varying screening requirements across different jurisdictions.
The Challenge
The client’s existing KYC and AML screening system presents several critical challenges:
- Lack of flexibility: Their existing solution applies the highest standard of screening to all players across all jurisdictions. This one-size-fits-all approach results in unnecessary screening and compliance inefficiencies.
- High false-positive rates: The existing system produces a significant number of false positives, making it challenging for the compliance team to efficiently review and process alerts.
- Overwhelming volume: The client’s compliance team is inundated with a high volume of alerts, often more than they can manage, even with a sizable team of handlers.
- Inadequate daily screening: Due to the limitations of the system, the client can’t effectively screen all players every day, which poses a potential risk to their operations.
The Solution: Screening
The client decided to address these challenges by procuring KYC360’s CLM platform, driven by its reputation for speed, scalability and flexibility. The platform offers a suite of features designed to meet the client’s specific needs:
- Flexible screening: KYC360’s solution allows the client to tailor their screening criteria based on the specific requirements of each jurisdiction. This means that only the necessary checks are applied, reducing unnecessary screening and compliance overhead.
- Speed and scalability: KYC360’s platform offers the capability to screen millions of players overnight, ensuring timely compliance checks. Additionally, low-latency, one-off screenings are available for seamless onboarding procedures.
- Country-specific match algorithm: KYC360 allows the client to fine-tune the matching algorithms for each country, ensuring that only relevant and accurate matches are generated.
- Reduced false positives: KYC360’s extensive experience servicing over 1,000 regulated financial services clients translated into significantly fewer false positives. This not only reduces the compliance team’s workload but also improves overall accuracy.
- Centralised management and reporting: KYC360 provided centralised management information and control, streamlining the compliance process and enabling efficient alert handling.
Outcome and Benefits
By implementing KYC360’s CLM platform, our client will experience significant improvements in their player screening process:
- Enhanced efficiency: The tailored screening approach significantly reduces the number of alerts generated, allowing the compliance team to focus on relevant cases and improving overall efficiency.
- Improved accuracy: The reduced false positives and country-specific match algorithms result in more accurate and reliable screening outcomes, aligning with the varied compliance requirements across different jurisdictions.
- Daily screening compliance: The platform’s speed and scalability enable the client to screen all players daily, effectively reducing the risk of non-compliance.
- Streamlined compliance: Centralised management information and control features simplify the compliance process, making it easier to monitor and manage the screening workflow.
In summary, KYC360’s CLM platform provides a tailored, efficient and highly accurate solution to the client’s complex player screening requirements.
By customising their screening approach and leveraging KYC360’s expertise, the client is able to effectively manage compliance across multiple jurisdictions, ultimately strengthening their commitment to responsible gambling and regulatory compliance.
Comply and Outperform with our CLM Platform
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Reduce time to value, enhance customer experience and drive operational efficiencies with solutions designed by industry experts. Transform your compliance processes into a competitive advantage with KYC360’s award-winning technology. KYC360’s suite of Customer Lifecycle Management software solutions is designed to transform your business processes enabling you to outperform commercially through operational efficiency gains and superior CX whilst remaining fully compliant with evolving regulatory standards. Consolidate your system stack and data vendor relationships with one platform to cover all Onboarding, pKYC and Screening tasks featuring pre-integrated data sources under a single license agreement. Architected for rapid deployment with guaranteed rapid ROI the KYC360 end-to-end no-code SaaS platform is flexible, fully configurable and modular so that you option and pay only for the functionality you need. 
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