Slotegrator article examines ID verification

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Identity verification is a crucial step in online casino and sportsbook onboarding. In an article newly updated for 2021, Slotegrator outlines reasons for KYC measures and looks to upcoming changes which will impact know your customer (KYC) compliance.

Online casinos and sportsbooks have plenty of reasons to verify their players’ identities. Effective KYC measures don’t just ensure compliance and protect vulnerable groups; they benefit the casino. Slotegrator looks at why online casinos and sportsbooks need rigorous identity verification procedures, what technologies are smoothing the process, and future developments in the world of KYC.

There are several vulnerable groups that online gambling platforms need to keep an eye on.

Underage gambling is an issue of concern in regulated markets. Underage players often use one of their parents’ identities or a counterfeit ID to open an account, so careful KYC is essential.

Many regulated markets have organisations that combat problem gambling. After signing up with a program like the UK’s Gamstop, players who feel like they’re beginning to have a problem can exclude themselves from playing on any platform licensed in their jurisdiction. Aside from their social obligations, online casinos and sportsbooks should also adhere to KYC regulations to avoid the heavy fines that follow when self-excluded gamblers access their platform.

Unfortunately, gambling is the crux of many money laundering techniques used by criminal and terrorist organisations. Businesses that unwittingly allow their platform to be used to finance illicit activity will face some harsh penalties.

But beyond social and legal responsibilities, platforms also need painstaking ID verification procedures to protect their own assets. Fraud is rampant online, and no individual or industry is safe. Online casinos need to stay a step ahead of the game in order to head off the inventive techniques widely employed by players looking to — among other things — abuse bonuses.

Advances in technology have provided digital solutions which can cut down on the processing time for ID verification. However, brands that don’t use AI and facial recognition software often require entire compliance teams to manually review ID documents.

Beyond innovations that cut down the waiting period between registration and hitting the slots, there’s another change on the horizon: the European Commission recently announced plans to create a continent-wide eID that could significantly streamline the process.

You can read the whole article here.