"The European Gaming and Betting Association (EGBA) has published its first pan-European guidelines to support the online gambling sector’s contribution to Europe’s fight against money laundering."
KYC Portal has quite a number of clients in the gaming industry and each one uses KYCP for automating their risk assessment, AML obligations and also from a responsible gaming aspect.
"The EGBA guidelines on fighting money laundering and terrorist financing contain practical, sector-specific guidance on how online gambling operators should conduct customer and business risk assessments, customer due diligence processes, suspicious transaction reporting, record keeping, and other essential areas which require strong AML compliance."
One of the biggest advantages that KYC Portal brings to the table is the peace of mind that your reputation is safe guarded. The most challenging aspect of compliance in today's day and age is ensuring that your organisation is not exposed to risk at any point in time.
KYC Portal addresses this challenge through real-time automation. Based on the customisation that you would have defined within the system, KYC Portal will handle all the aspects of compliance and alert your team when something goes wrong.
KYC Portal allows you to build and manage your entire risk matrix with all the required categories, weights and band combinations across all of the data points that you decide to centralise in KYCP. From regulatory risk to reputational damage, ESG, responsible gaming, credit risk and any type of risk you might want to perceive. This risk engine is working in real time on all the risk factors you define into the solution allowing you to be in full control at any point in time to tweak and adapt the solution based on market happenings and changes in internal policy. The solution comes packaged with over 15 different risk algorithms addressing the needs and requirements of all our clients across the globe within various industries.
The solution boasts a fully tamper proof audit of all risk movements of a subject over time. A granular audit of any risk movement for each subject within a counterparty based on the data that is being updated in the solution (be it manually or through the integration of third parties). This automates the full customer risk assessment in real time not only on the current view but also the ability to load any previous risk assessment snapshot for any party within KYC Portal. This ability to audit all historical movements allows users to even compare snapshots of risk, being able to quickly vet and verify what changes within the subject’s application have led to what risk movements between the two risk snapshots.
"EGBA members are required to submit yearly reports to EGBA summarising their progress in implementing the guidelines, and other operators are also invited to join the initiative."
The KYC Portal reporting module gives you a real-time dashboard view of your current situation by presenting you with a pre-defined sub-set of data sitting within your KYCP, whilst also allowing you to create reports from a compliance aspect for internal purposes.
This level of detailed and dynamic reporting allows you to prepare all the information that you need for all regulatory requirements as well as filling the details for ancillary report requirements such as the Business Risk Assessment.
Having this kind of flexibility and control is very important from a reporting perspective since it will allow you to tailor any data extract on a historical basis (daily, weekly or monthly). Such extracts will be able to provide you with the data you need for the reports submitted to EGBA.
Read more about the EGBA guidelines
here.