The article was first published on sumsub.com/blog and has been adapted.
Denis Urazbakhtin, Head of Partnerships in Gaming at Sumsub, provides his insights into the main compliance trends in the iGaming industry.
Control over the iGaming industry
More countries are legalizing and/or strengthening control over the iGaming industry. Despite the AML vulnerabilities of the gaming sector being presented by FATF back in 2008, not all member countries have implemented corresponding standards in local legislation yet.
However, the legalization of gambling continues to evolve globally, with varying degrees of regulation and acceptance depending on the region. The development of regulations in certain countries has led to greater user protection, fair play, and problem gambling mitigation.
More importantly, legalization creates better market conditions for operators to develop their businesses in their respective countries. At the same time, legalization requires gambling service providers to pay closer attention to their AML and KYC procedures.
Artificial intelligence and machine learning (AI/ML)
AI and ML are actively used nowadays not only to personalize the gaming experience but also to enhance security, combat money laundering, and prevent fraudulent activities. In particular, AI-powered transaction monitoring…[Click to continue reading]
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