- Oct. 29, 2019
-- Is your ability to properly monitor transactions for money laundering and problem gambling becoming too much to keep up with? This is the question on everyone's mind in the iGaming industry, and to be completely frank – we need to take it seriously.
The biggest industry names are sitting up and paying attention to these new regulatory demands, investing significant resources and budget in a bid to not only meet these challenges head-on, but surpass expectations to boot. The issue remains, however, that changes to gaming regulations are coming hard and fast, with most industry players struggling to keep up.Finding the balance between compliance and customer experience
So, the real question is, are your systems robust yet agile enough to keep up with these regulatory changes? How will this impact your most loyal customers and VIPs? Industry leaders do place a premium on compliance, but they also must meet and anticipate changes without compromising on customer experience. iGaming companies need to maintain a compliant, friction-less, efficient experience for their genuine players, but actually getting there using a manual approach or legacy system in this dynamic regulatory environment is becoming more difficult every day. Future-proofing your business is more important than ever before, so try and invest in the latest technology early on in the game.
First, up the ante and identify at-risk players ASAP with behavioural monitoring. You'll be able to provide support earlier on, and when it comes to anti-money laundering measures, it'll allow you to detect suspicious behavioural patterns at a granular level. Next, look at ways to effectively leverage technology to drive transformation and meet the ever-changing industry demands. You may need to overhaul your legacy systems first, but there are a whole host of modern solutions available to keep you ahead of the game.Work smarter with automated transaction monitoring
ComplyRadar utilises a full risk-based approach to eliminate disruption to genuine customers, detect potential criminal or problematic behaviour, and demonstrate full ongoing compliance. It sends you notifications on the transactions that matter and enables you to automatically apply a full-pattern analysis to instantly see suspicious transactions in real time. You can then manage flagged transactions through a comprehensive, fully audited review process leading to the closing of a case. For more information on how ComplyRadar can help you maintain the right balance between stringent regulation and excellent customer experience, visit www.comply-radar.com
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