About the ClientOur client, a prominent player in the online gaming industry, is faced with the challenge of complying with new regulations that necessitate rigorous customer screening and enhanced due diligence (EDD) processes.
The operator caters to a vast and diverse player base, onboarding over 50,000 new players monthly, spanning multiple jurisdictions and under the oversight of various regulatory bodies.
On triggering EDD processes the client saw a significant drop of rates where it was assumed the players were moving to alternative brands to circumvent the EDD requirements.
They sought a comprehensive solution that could accommodate a risk-based approach to customer screening, reduce false positives, and enable the customisation of onboarding journeys to align with specific jurisdictional requirements.
Moreover, they have the additional task of remediating existing player profiles predating the regulation changes to ensure compliance.
The client’s existing onboarding system faced several critical challenges:
- New Regulatory Requirements: The introduction of new regulations mandated the screening of players on a name-only basis at registration and EDD checks once a player reached a £2,000 deposit limit.
- Scale and Efficiency: The existing system is not scalable enough to handle the high volume of new players being onboarded each month, resulting in some players not undergoing any screening at all.
- Risk-Based Approach: To reduce false positives, the client needed a risk-based approach to screening that allowed them to tailor the onboarding process to the unique requirements of each jurisdiction.
- Frictionless Onboarding: It is essential for the operator to provide a frictionless onboarding experience, allowing players to deposit without barriers while ensuring real-time screening and EDD upon reaching the threshold.
- Back Book Remediation: The client also faced the challenge of remediating existing player profiles to bring them into compliance with the new regulations.
The Solution: KYC 360's Platform
The client decided to address these challenges by implementing KYC360’s CLM platform, renowned for its speed, scalability, and flexibility. The platform offers a range of features designed to meet the client’s specific needs:
- Customised Onboarding Journeys: KYC360’s solution allowed the client to create multiple onboarding journeys tailored to the legal jurisdiction of the players. This customisation ensures compliance with the specific screening requirements of each region, reducing friction for players.
- Real-Time Screening: 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.
- Reduced False Positives: Leveraging KYC360’s extensive experience serving over 1,000 regulated financial services clients, the client benefits from significantly fewer false positives, enhancing the efficiency of their screening process.
- Back Book Remediation: The platform enables the client to remediate the existing player profiles efficiently, ensuring that all players are brought into compliance with the new regulations.
- Centralised Management and Control: KYC360 provided centralised management information and control, streamlining the onboarding and screening workflow.
Outcome and Benefits
By adopting KYC360’s CLM platform, the client realises a host of benefits:
- Enhanced Compliance: The risk-based approach, combined with customised onboarding journeys, allows the client to meet the regulatory requirements in each jurisdiction without unnecessary hurdles for the players.
- Frictionless Onboarding: Real-time screening ensures a smooth onboarding experience, allowing players to deposit with minimal disruption while ensuring compliance with EDD requirements.
- Efficient Back Book Remediation: The platform facilitates the remediation of existing player profiles, ensuring that all players in the system undergo the necessary screening.
- Reduced False Positives: Leveraging KYC360’s expertise results in a significant reduction in false positives, enabling the client’s compliance team to focus on relevant cases.
- Centralised Management: Centralised management information and control provides oversight and improved operational efficiency.
In conclusion, KYC360’s CLM platform provides our client with a tailored, efficient, and highly accurate solution to streamline their customer onboarding process while ensuring regulatory compliance.
This solution allows the operator to serve their global player base effectively, reflecting their commitment to a seamless and responsible gaming experience.
Comply and Outperform with our CLM Platform
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.