In recent years, online betting has become more and more popular with an unstoppable trend. Online betting is a highly profitable industry, which means that the industry needs to meet more compliance requirements, such as AML (Anti-Money Laundering) and KYC (Know Your Customer).
But at the same time, user authentication has become ever more important due to the complexity and diversity of users’ identities. It is also complicated and crucial for the online betting business to verify users’ identities. Maybe some online betting businesses will feel confused about that, is it really necessary and essential for the online betting industry to meet AML (Anti-Money Laundering) compliance?
“Paddy Power Betfair has been fined £2.2m by the gambling industry regulator for failing to protect customers and stop stolen money being gambled. The Gambling Commission said during 2016, the betting group failed to intervene when customers displayed signs of problem gambling and did not carry out adequate anti-money-laundering checks. ” Because the online betting business didn’t meet AML compliance well, it was fined strongly. If the online betting business verifies each user’s identity, it will not only protect customers and prevent fraud but also help the business meet necessary compliance.
In order to prevent fraud and ensure the security of online betting, KYC becomes much more imperative than before. RiddleID aims to provide KYC solution to business, like the online betting industry, which needs to comply with KYC and AML requirements.
For the online betting industry, they can use RiddleID, which is one integration with numerous features, to verify users’ identities. The operating process is quite easy and reliable. Users just need to send photos to his / her personal profile, when users log in next time, they are expected to show their face in front of the camera. After comparing with their personal profiles, RiddleID will give results of identity verification. It can ensure the security of users’ accounts, and won’t delay the process and have a bad influence on user experience.
If an online betting business cares about user experience, security and meeting KYC / AML compliance, RiddleID will provide a satisfactory solution and protect both business and customers.
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