iGaming & Land-Based Gambling Operations
In the United Kingdom alone, players spend over 11 billion pounds each year on gambling products and the amount is rising steadily. This upward trend is also seen across European markets. Regulators are becoming more conscious of their role in managing the social and criminal risks of the industry. To counter and mitigate negative effects, many jurisdictions are imposing tighter controls on player onboarding, as well as ongoing verification processes.
ComplyRadar enables you to conduct all of your compliance tasks through a single platform, minimizing the number of tools required with a full audit trail of evaluations, decisions and assertions on a customer/s at a click of a button when required.
Challenges in the industry
Operators face numerous compliance challenges
Chief among these challenges is the impracticality of manually monitoring all customer transactions in real-time. It is physically impossible for staff to deal effectively with such large volumes of data, and there is a significant risk of oversight and human error. Moreover, conducting AML and affordability checks on false positives is a costly and time-consuming exercise, which adds a considerable burden on financial and human resources and may have a negative impact should valuable customers choose to stop playing.
Gaming operations can be quickly overwhelmed without automated processes that keep track of customer information and identify usage trends. The absence of a dedicated gaming compliance system can impact the level of service and poses a serious security threat as it is near-impossible to manually detect any unusual customer behaviour.
Operators must also consider the challenges to their business. This includes the risk of hefty fines and possible blacklisting with regulators and governments across the EU. By partnering with ComplyRadar, gaming operators can safeguard their business, making it easier to handle the increasing number of AML, Fraud and Responsible Gambling checks required.
Partnering with ComplyRadar
Real-time monitoring of thousands of transactions
ComplyRadar’s platform uses cutting-edge algorithms that automatically monitor and analyse thousands of player transactions as they happen. As this happens in the background, users are provided real-time information, including automated alerts, which enables them to identify out-of-the-norm and risky transactions.
The AI-driven risk sorting mechanism enables operators to prioritise visibility of the riskiest transactions, while at the same time gaining valuable customer insights which can save time and resources.
Our system has a simple, user-friendly UI and rule designer which can be integrated with third-party data services such as PEP screening and electronic identification tools to support bespoke detection rules. The sandbox testing environment enables end-users to test rules and results before deploying them onto their websites.
ComplyRadar offers the possibility of enabling co-management of investigations and cases, streamlining the process by making compliance information, investigation, audit of events, and case history available on a single platform.
Identify suspicious behaviour
Monitor transactions in real-time for a ‘whole picture’ analysis of a customer’s profile, risk levels, and predicted future activity
Minimise false positives by tailoring scenarios to customer or transaction risk and focusing on regulatory priorities
Tune rules through back testing without the need of technical personnel
Give regulators and customers confidence
A ‘tried & tested’ system with a clear audit trail of monitoring and investigations
Implement quickly, easily and securely
Easy to implement REST API or batch file upload
Request a personalised demo today.
Let us provide you with a customised product demo on simulated data to ensure you see the solution in action relative to your business requirements.