IDology expands offering in gaming market with AML compliance solutions

Gambling is an exciting activity that has grown in popularity as it expands to online channels but involves risk and is never a sure bet. However, one certainty for gaming and gambling operators is that they are subject to a wide-reaching and complex regulatory framework. Regulatory oversight is fundamental to the gaming industry to ensure the integrity of gaming activities and protect players from fraud and other financial crimes like money laundering.

IDology is an established provider of identity verification and KYC/AML regulatory compliance solutions for the gaming market, and with the expansion of our solution portfolio, we are excited to provide a wider offering to regulated gaming operators.

Compliance and risk management activities are essential throughout the customer lifecycle

Entering the online channel has increased the reach of gaming operators, but this move also comes with more risk and regulatory scrutiny. Modern gaming and gambling operators now face complex challenges at each stage of the customer journey, from onboarding to managing ongoing risk.

These challenges include:

• • Preventing underage individuals from registering or placing bets.
  • Verifying identities and performing due diligence to fulfill Know Your Customer (KYC) obligations.
  • Screening players against sanctions lists — at onboarding and on a continuous basis as risk may change over time.
  • Detecting, investigating and reporting suspicious transactions, financial crimes and irresponsible gambling patterns.
  • Protecting against fraud schemes like identity theft, account takeover, bonus abuse and illicit chargebacks.
  • Complying with state and federal regulatory requirements and promoting responsible gaming.

While many of these activities align with specific gaming and gambling regulations, truly knowing your customers and keeping a watchful eye on their activity is a best practice for any organization that wants to establish trust with its customers and is mindful of growing fraud threats.

Monitoring ongoing activity in gaming

While age and identity verification are critical steps to promote responsible gaming and deter fraud, the risk profile of a player that successfully passed these checks at enrollment can change over time. While your compliance program may involve screening new players against sanctions and other watchlists at the time of onboarding, continuously monitoring and periodically rescreening them reduces the risk of financial crime and can help prevent reputational damage.

Keeping a close eye on a player’s transactions and betting patterns is another critical risk management activity required by regulators. Unusually large deposits, transactions inconsistent with a player’s profile, the use of multiple accounts and irresponsible gambling are almost always cause for concern. Gaming and gambling operators need to be aware of these activities as they happen in real time and quickly determine if they are valid or indicative of a more nefarious scheme. An inability to detect suspicious transactions can lead to both financial losses and regulatory actions that destroy trust.

Investigating and reporting financial crime

Detecting fraud and financial crime, while critical, is only part of the solution. Effectively prioritizing, investigating and decisioning suspicious activity has a dramatic impact on the efficiency of your compliance operation. Modern automated tools can help streamline these tasks and make reporting suspicious activities to bodies like FinCEN a painless process.

Easing the compliance burden for gaming operators with end-to-end solutions

IDology is proud to serve the gaming and gambling industry and we understand the unique challenges of compliance and risk management. That’s why we believe we can deliver more value to gaming operators with advanced AML compliance solutions that utilize machine learning and artificial intelligence to automate compliance processes and identify risks. Our end-to-end solutions are comprehensive with the ability to verify the age of players, prove identities, monitor transactions and report suspicious activity to authorities, without compromising the user experience.

What’s more, our solutions are highly configurable, allowing operators to tailor the solution to their specific requirements, making them ideal for gaming operators of all sizes.

We are here to help you increase player acquisition, loyalty and revenue while complying with KYC/AML regulations — wherever your players are, all in one place.