Regtech firm, Sumsub, has unveiled its guide for gaming companies when it comes to KYC compliance, as the firm underlined the importance of compliance and a smooth process.
The guidance entitled: “KYC for the gaming industry: Europe. A complete guide to balancing compliance, conversions, and fraud protection”, looks to tackle some of the key issues as the industry evolves and grows at a rapid rate.
The guide tackles the main challenges that the industry encounters in the modern age, such as staying compliant with KYC/AML regulations that vary from market to market, maintaining a high level of fraud protection and building high-conversion verification flows.
Furthermore, it comes as the gambling market is set to grow by €140.05bn from 2021-2026 – with this growth comes an increase in exposure to different types of fraud attacks.
So while gambling platforms aim to onboard more users as fast as possible, they can also neglect compliance and security requirements. This can lead to massive fines and even licence revocation, with several multimillion-dollar fines already hitting several industry players in 2022.
Andrew Sever, co-founder and CEO of Sumsub, commented: “Compliance with local KYC/AML regulations is vital for gaming companies, as a single regulatory fine can easily cost millions and permanently disrupt their ability to operate. Our guide dives into the regulatory specifics for gambling platforms in the EU and the UK, providing insights on local regulation of state bodies, general requirements and individual market initiatives and policies.”
