The guide helps gaming and gambling platforms prevent fraud and stay compliant with KYC/AML regulation in Europe and UK
London, August 17, 2022 — Sumsub, a regtech company that helps businesses stay compliant and fight digital fraud, has published “KYC for the gaming industry: Europe. A complete guide to balancing compliance, conversions, and fraud protection,”
The guide tackles the main challenges that the industry encounters today, such as staying compliant with KYC/AML regulations that vary from market to market, maintaining a high level of fraud protection, and building high-conversion verification flows.
The gambling market is set to grow by €140.05 billion from 2021-2026. With all this rapid growth comes greater exposure to different types of fraud attacks. So while gambling platforms aim to onboard more users as fast as possible, they can also neglect compliance and security requirements. This can lead to massive fines and even licence revocation, with several multimillion-dollar fines already hitting several industry players in 2022.
“Compliance with local KYC/AML regulations is vital for gaming companies, as a single regulatory fine can easily cost millions and permanently disrupt their ability to operate. Our guide dives into the regulatory specifics for gambling platforms in the EU and the UK, providing insights on local regulation of state bodies, general requirements and individual market initiatives and policies,” notes Andrew Sever, co-founder and CEO of Sumsub.
Building effective KYC flows that meet the full range of European regulatory requirements is another big challenge for gaming platforms. Each platform must develop a program in accordance with their gaming and market specifics. Such programs should be secure and compliant, but also fast enough to keep user conversion high. This guide shares best practices and easy practical steps to setting up level-based verification flows without compromising onboarding speed.
To get more insights and practical KYC advice for the gaming and gambling sectors in UK and EU markets, follow this link: https://sumsub.com/guides-reports/kyc-guide-for-the-gaming-industry/
Sumsub is an international tech company providing an all-in-one verification platform for detecting fraud and ensuring full compliance with global AML/KYC/KYB regulations. With expertise in more than 220 countries and territories, Sumsub is a proven leader in global compliance.
Sumsub achieves the highest conversion rates in the industry—91.64% in the US, 95.86% in the UK, and 90.98% in Brazil—while verifying users in less than 50 seconds on average. Its AI-driven anti-fraud tools make user onboarding fast, secure, and transparent, helping businesses scale to international markets with ease.
With over 2,000 clients across the fintech, crypto, transportation, trading and gaming industries, Sumsub has partnered with the likes of Binance, Mercuryo, Bybit, Huobi, Moonpay, Unlimint, Didi, Poppy and Transfergo. The company’s methodology follows FATF recommendations, the international standard for AML/CTF rules and local regulatory requirements (FINMA, FCA, CySEC, MAS).