When such large amounts of money changes hands quickly in establishments like casinos where fiat currency can be exchanged for chips, and vice versa, and where there are many relatively anonymous exchanges happening, there is a significant risk that criminals will be tempted to use the situation to launder money. Hence, KYC (Know Your Customer) for the gaming market has become crucial.
In 2018, police in British Columbia reported that more than $100 million was laundered through British Columbia casinos. Non-compliance has its costs, with UK betting firms recently paying out almost £20 million in fines for failing to provide significant AML checks in one financial year. In the Gaming Sector, Compliance with KYC and AML measures needs to be addressed.
Depending on the jurisdiction and types of games being offered, casinos, betting websites, gambling mobile apps and other businesses that offer gambling have different levels of restrictions for customers, and may need to gate users based on age, location or any other requirements depending on the specific KYC regulations. In complying with local and regional regulations, there is a need to ensure accuracy and legitimacy, but there is also a requirement for users’ identities to remain secure and confidential.
Blockpass is perfect for the gaming industries to provide an ideal solution with fast and secure KYC and AML compliance, and the ability to flexibly, quickly and easily manage identities. In addition, Blockpass’ ecosystem represents a pool of pre-verified users with secure and compliant identities who are ready to instantly onboard to any gaming platform. Blockpass also enables companies to rapidly onboard new users who then have control of their own identities.
Adhering to the most comprehensive standards in regulatory compliance, Blockpass permits new users to quickly create a profile, upload identity documents and then rapidly verify and authenticate the documents and check data against adverse Media and AML lists that include PEP, country and individual Sanctions lists.
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