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In a move indicative of the importance of fraud prevention and ID verification to gambling, Europe’s continental trade body has announced its first member in the space. 

Sumsub’s membership of the European Gaming and Betting Association (EGBA) was confirmed by the organisation this morning (25 June). The duo state that Sumsub is joining a pan-European effort to ensure a secure and sustainable gambling industry.

Specifically, the London-based company will support EGBA’s KYC and fraud prevention standards. The association has become increasingly active in the areas of financial security of late, a topic which is also preoccupying European policymakers and financial authorities.

Maarten Haijer, Secretary General of EGBA, stated: “We are delighted to welcome Sumsub as associate member and look forward to collaborating with their team. 

“The addition of their expertise in identity verification will be extremely valuable to our association as we continue our efforts to promote a safe, secure, and sustainable online gaming and betting environment in Europe. 

“By opening up our membership, to include companies like Sumsub, we aim to better unite the industry’s voice.”

As stated above, financial security has become an area of interest for EGBA lately. The organisation has been paying particular attention to the rollout of EU-wide anti-money laundering rules (AML). 

Incoming changes to EU AML frameworks include the creation of the Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA), along with new rules for financial intelligence units (FIUs) and firms deemed ‘obliged entities’.

EGBA responded positively to the new rules and guidelines, and stated that it would encourage its gambling operator members to adopt and uphold any new requirements.

In Sumsub’s case, EGBA membership demonstrates a straightening of the firm’s ties to the gambling sector, for which preventing fraud and ensuring solid ID verification are important requirements. The latter, in particular, is often a crucial requirement of betting licensing, breaches of which can result in enforcement action.

Sumsub is an active company in the fintech space, where it maintains several B2B partnerships and is a member of other industry trade bodies, like the UK’s Payments Association.

Kris Galloway, Head of igaming Product at Sumsub, said, “We are honoured to join EGBA as an associate member and collaborate with industry leaders to drive innovation and compliance in Europe’s online gaming sector. 

“As the regulatory landscape continues to evolve, we remain committed to empowering operators and platforms with cutting-edge solutions, tailored to their players’ user profiles. These will enable them to increase efficiency, while ensuring security, transparency, and protection.”