In this sense, manual KYC processing for casinos is a little outdated, offering a clunky solution that wastes time, squanders budgets, and is littered with errors. ![]() Not only does this mean hiring a large compliance team to deal with the backlog, but online casinos are also now subject to higher costs and wait times for identity verification procedures. However, as the demand for online gambling services increases, so does the stringency of regulatory compliance. As an identity verification measure, online gambling institutions must identify and verify customers to flag potentially risky users and monitor for suspicious activity. One of the main compulsory onboarding processes involved in anti-money laundering legislation is ‘Know Your Customer’. Prime targets for identity fraud, money laundering, and international financial crime, regulatory compliance is intensifying to ensure that online casinos and gambling institutions are taking serious measures to prevent such illicit activity. ![]() With such a stark rise in use and increasingly large sums of money moving through these entities, online gambling and gaming institutions are facing the same scrutiny to which other banks and other financial entities are subject. The global online gambling industry was worth in excess of $45 billion in 2017 and is predicted to rise to $94.4 billion by 2024. Identity Verification for Online Casinos – the 2021 Guide
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