Regtech goes in hand with the Gambling and Gaming industry growth
According to several reports, the gambling and betting industry has experienced a considerable increase during the last few years. Moreover, the pandemic has also been the trigger of this progress, since online casinos and other gaming ventures skyrocketed during the lockdown periods. However, such advancement has brought much higher risks and challenges for companies.
This quick development of this industry has also forced the regulators to develop stricter measures to mitigate the risk of Fraud, Financial Crime, and Money Laundering. That’s why being compliant has become more challenging for the sector industries.
Consequences of the quick development
As previously mentioned, for companies it’s more complicated to stay compliant because of the tightening of the risk prevention regulations, which has been reflected in the increase in the rocket of fines. According to the FCCED (Financial Crime Compliance Education), British gambling firms paid a record £19.6m in fines for failing to protect customers and stop money laundering.
Fines continue to increase year on year, and the figures don’t lie: Some reports concluded that in 2020 fines amounted to $60.25 million, far exceeding those levied on the sector the previous year. Meanwhile, according to the last data that GamblingIndustryFines.com provided, during the first quarter of 2021, over $33 million in fines have already been handed out – half of 2020’s total in just 3 months!
SignD Regtech is the solution
As regulations tighten and customers lean towards Digital Onboarding, our Know-Your-Customer (KYC) solutions have become vital in providing online gaming companies with a fast, efficient and secure, and accurate way to onboard gamers.
Our advanced onboarding solutions are designed to minimize onboarding times, to offer a seamless experience that enhances the firm’s reputation and at the same time staying compliant.
In addition to KYC, there is also the need to eliminate any risk of illicit activity. Our Anti-Money Laundering (AML) solutions are the answer: through the use of transaction monitoring, detection and risk assessment practices, our innovative solutions nullify the threat of illicit activities and eliminate the risk of subsequent fines.
Our SignD team has vast experience in working with businesses in the Gaming & Gambling sector, and we use our valuable knowledge to help firms be compliant. Our cutting-edge Regtech is based in AI, OCR (Optical Character Recognition) and biometrics will ensure your company is offering a pleasant onboarding experience while accurately detecting the risk of players in real-time.