Sumsub to guide gaming industry KYC in US and Canada

Verification and compliance specialist Sumsub has released a new KYC guide named "Identity verification for the gaming industry: US and Canada. A complete guide to balancing compliance, pass rates, and fraud protection." The ambitious guide outlines the steps that companies should follow in order to achieve full compliance and meet regulatory standards while focusing on business sustainability, growth and overall performance in the designated markets.

Sumsub has leveraged its expertise in the sector to provide a detailed breakdown of the main challenges that companies in the US and Canadian gaming markets face today, including remaining compliant with evolving regulatory requirements and ensuring that they combat fraud while keeping pass rates high. Sumsub has highlighted several areas of interest where companies must focus their efforts, including underage gambling and responsible gambling in general.

Fraud and money laundering are outlined as two other urgent issues that need to be addressed in the context of the sector’s growth, Sumsub cautions, offering an inside scoop of how this be achieved. The company wants to see entities operating in Canada and the United States have the means to address fraud and remain compliant while ensuring that consumers experience a smooth onboarding process. Part of this lies in the optimization of how individual operators conduct verification procedures.

Sumsub highlights that there is an urgency in making sure that operators remain complaint as enforcement action can have a debilitating effect on businesses, citing the recent £17 million fine issued against Entain, an upstanding gambling company in the sector which was slapped with a record financial penalty in the United Kingdom.

The penalty was issued in relation to different AML failures, which Sumsub described as "serious." Sumsub Co-founder and CEO Andrew Sever offered the following commentary commenting on the KYC guide and the necessary precautions that industry operators need to take right now:

"The principles of effective user onboarding and compliance for gaming, betting, and gambling platforms are simple to grasp yet tricky to implement. The key to this challenge is finding a trusted verification provider that offers not only impeccable KYC and anti-fraud solutions, but also has enough expertise to help you navigate a shifting regulatory landscape and customize verification flows in the best possible way."

Sumsub bases the new KYC guide on its deeper understanding of the sector, citing its experience with identity verification and combatting fraud. Sumsub has been successful in leveraging automation to reduce onboarding time and ensure that consumers and businesses are protected.

The compliance specialist is also well-versed and knowledgeable when it comes to the verification of identity and usage of the most appropriate documents. Sumsub is also able to advise companies on how to create tailored verification flows to serve different client segments. This and other informational nuggets await in the full guide offered and shared by Sumsub to help improve the gaming industry as a whole. The latest guide follows on a similar guide that was published specifically to cover the needs of the European gaming market and businesses.

Image credit: Sumsub