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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Blockpass provides identity verification that covers both KYC and AML regulatory compliance. Users fill out the relevant details and are checked against the required lists and criteria to ensure they are not associated with criminal activity. By having these checks performed through Blockpass, companies using Blockpass’ identity verification solutions do not have to worry about their personal liability in screening applicants, as Blockpass retains professional indemnity insurance.
With the Blockpass technology and approach, verification and onboarding happens almost instantaneously for pre-existing Blockpass users and is usually very rapid for new Blockpass users. In addition, as Blockpass puts users in control of their data and certifications, the solution can be offered at a reduced cost compared to traditional alternatives.
Blockpass offers a multi-product portfolio that allows merchants to choose the scale of solution that applies to each business and jurisdiction. Whether a business wants only Face Match certification, or if they also require KYC, AML or enhanced SLAs, Blockpass is able to offer a full range of identity verification solutions.
Rather than having to fill out the same KYC and AML forms over and over when transacting with other financial companies, users simply have to maintain one up-to-date profile, which is then shareable with anyone in the Blockpass ecosystem for instant onboarding, saving users from repeatedly re-doing and re-submitting the same forms, and saving companies the hassle of checking KYC and waiting on checks.