In the modern iGaming industry, the implementation of KYC (Know Your Customer) and AML (Anti-Money Laundering) procedures has become an integral part of ensuring security and compliance with the law. “Failure to follow these rules has serious consequences,” BetB2B says.
In 2019, for example, the UK Gambling Commission (UKGC) awarded ITG £2.2 million in damages for violating anti-money laundering (AML) and social responsibility rules. In 2021, the gambling operator was fined £3.4 million for similar offenses. Now, after scrutinizing ITG's operations, the UKGC has concluded that the company is once again failing to meet its standards, resulting in another massive fine of £6.1 million.
In the previous year, regulators in the iGaming industry around the world were actively pursuing operators. In the United States, United Kingdom, Australia, Sweden and the Netherlands, fines and sanctions totaling $128.91 million were imposed on operators.
That number is a significant 166% increase over the $48.64 million recovered a year earlier, according to information provided by USA-Casino.com. The fines imposed were related to a variety of violations, ranging from anti-money laundering (AML) violations to operating without a proper license.
Such incidents occur when operators do not adhere to legal rules. If anyone starts a business in the iGaming industry, it is necessary to research all the nuances and subtleties.
Providers of ready-made solutions, who have authority in the market, can offer consulting on compliance with all legal procedures. However, the final integration is always the responsibility of the iGaming company, not the solution developer.
BetB2B, a leading casino and betting platform provider, recognizes the importance of KYC and AML and actively implements them to ensure the safety of its clients, maintain fair play and prevent financial crime.
KYC at BetB2B
KYC (Know Your Customer) is an important process used by various industries to identify and verify the identity of their clients. In the gambling and betting industry, KYC compliance is critical to preventing fraud, money laundering and other illegal activities.
“With the development of online games and mobile applications, KYC has become even more important in order to make sure that players are who they say they are and that their financial transactions are legitimate”, commented BetB2B.
The KYC procedure is aimed at verifying players and establishing their identity and authenticity. When registering on the casino and betting website, players may be required to provide documents such as a passport or driver's license, as well as additional information confirming their identity and place of residence. This helps prevent fraud, creates a safe iGaming environment, and protects the interests of players.
Another benefit of KYC for iGaming companies is that it helps ensure that clients are of legal age to participate in gambling and betting activities. This is especially important in jurisdictions where there are strict age limits for gambling. By verifying the age of clients, companies can avoid potential legal and financial penalties for allowing minors to gamble.
Finally, the use of KYC procedures can help iGame companies protect their reputation and avoid negative publicity. By demonstrating a commitment to compliance and accountability, companies can build trust with both clients and regulators. This can lead to increased player loyalty and revenue for the company. Not only does KYC help in player identification, but it also ensures compliance with laws and regulations. Many countries and jurisdictions have laws and regulations that require gambling operators to verify the identity of their clients. BetB2B, by applying KYC procedures, establishes itself as a reliable partner that complies with all necessary requirements.
Anti-money laundering and iGaming business scaling – bet-b2b com
AML (Anti-Money Laundering) is another important procedure that BetB2B actively uses. The purpose of AML is to prevent the use of the platform for the purpose of legalizing the proceeds of crime.
The company monitors financial transactions and is obliged to report suspicious transactions to the relevant authorities. This helps to protect the iGaming websites and clients from illegal activities and maintains compliance with international standards in the fight against financial crime.
“The iGaming industry is subject to strict regulation in many countries. Government agencies and regulators require gambling and betting operators to comply with certain security standards. KYC and AML procedures are essential components for meeting these requirements. Without their implementation, iGaming operators may face legal problems, administrative fines and even the loss of a license to operate,” comment BetB2B.
In addition, scaling an iGaming business often requires establishing partnerships with other companies such as payment processors, software providers, and advertising agencies. Many of these companies also require their partners to comply with KYC and AML. Without these procedures, gambling operators may lose the opportunity to establish partnerships and expand their business.
Thus, KYC and AML are integral components of successful iGaming business scaling. Therefore, BetB2B actively implements these procedures, giving them a high priority in its activities, in order to ensure the safety and trust of its clients and partners.
Safe iGaming Environment and Reliable Gambling/Betting Products - BetB2B
The iGaming industry has always been highly competitive, and preliminary forecasts show that by 2027 the capitalization of the gambling market may exceed $765 billion. In this regard, BetB2B experts predict an increase in demand for ready-made solutions. At the same time, creating your own iGaming website can be a difficult task for operators, who will find it difficult to keep track of all the changes and develop their business in accordance with current trends.
Compliance with all legal norms for business organization can be a quite complex process. KYC and AML are procedures that must be followed by industry participants in order to have a chance at leading in the sector. Legal business is what BetB2B company, the operator of the iGaming platform, emphasizes.
BetB2B offers its clients to quickly and efficiently launch their own iGaming website, minimizing time and resource costs. Moreover, it constantly monitors changes in the industry and updates its solutions to meet modern requirements and trends.
Clients can focus on attracting and retaining players, while the company takes care of developing and maintaining the technical infrastructure, integrating game content, setting up payment systems, and ensuring security and regulatory compliance.
