While most of the software developers in the igaming industry are mostly focused on delivering new games and integrating player pools, there are some companies that are actually committed to improve the technology behind the regulative procedures in the gambling industry. Recently, it has been announced that Global Gaming, a company that serves both the consumers and the business, has signed a partnership agreement with ComplyAdvantage with an aim of making its reporting and compliance procedures even stronger.
Considering the fact that Global Gaming is operated in the regulated markets, it has to comply with both Anti-Money-Laundering and Know-Your-Customer procedures, these processes can be quite time consuming if there is no supreme technology to handle assist. One of the main benefits that Global Gaming will receive from ComplyAdvantage is its technology to identify Politically Exposed Persons aka PEPs. This is a group of people that has access to the public funds and, clearly, the government does not want the casinos to accept the clients that can gamble with the public budgets.
Previously, Global Gaming had quite some successful experiments in the compliance field. Similar to PayPal, it has started verifying customers by requesting them to make a tiny deposit using their bank account. Once the transfer was completed, the gambling company was getting access to the account holder information and, in many countries, having access to such data is enough to perform KYC procedures.
With adding more superior technology in its armory of the tools that analyse the data. Global Gaming expects to proceed the applications faster and fully remove the chance of human fault out of the picture. Ultimately, lightning-fast compliance procedures will deliver an even better experience for the customers and, in the same time, make casino operations less risky and more protected from the legal threats.
Started only 3 years ago, ComplyAdvantage is already represented three countries on two continents, and has connected over 200 companies to its market-leading technology. Most of its clients are coming from the financial world, an industry where not complying with the procedures may cost the company a lot.