Know Your Customer, commonly known as KYC, is a set of checks that verify customers to guard against financial crime.
KYC is a regulatory requirement in the online gaming industry. Some regulations in this space, include:
Effective KYC procedures are integrated into the initial customer registration process and function on an ongoing basis. As a user’s risk profile can change over time carrying out KYC checks on re-activated players is also good practice.
KYC checks include verification of:
KYC is an essential element in the daily operations of gaming operators, and is monitored by industry regulators. When companies have a robust KYC system in place it ensures they have a clean database of users and safeguards their licence. It provides peace of mind by preventing customer fraud which can have a devastating effect on the liability of a company.
QGEN specializes in risk management through customer due diligence (CDD). We consult with gaming operators to identify regulatory obligations and implement KYC procedures.
We can help you:
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