The iGaming market has a new tool to help it comply with financial regulations
The iGaming industry continues to benefit from the implementation of artificial intelligence (AI). This time, Lithuania-based identity verification and fraud prevention company iDenfy has created its new anti-money laundering (AML) check that will undoubtedly come to serve as a protective shield for many iGaming platform operators.
This new system has the ability to notify websites whenever the AML risk database receives an anomaly during the identity verification process. In order to accomplish this process, AI-backed continuous monitoring technology is used.
The security solutions company claims that this new system is essentially designed to minimize fines and simplify compliance with various requirements under established anti-money laundering laws. It is no secret that this task is sometimes difficult to accomplish, especially in the iGaming industry, but operators will now have a useful tool to streamline the security process.
In addition, iDenfy believes the new system will be ideal for brands to enhance their reputations, as data integrity and security is something many players are looking for in today’s platforms. IDenfy credits its ability to do all of this through advanced data and analytics techniques, one of the most recognized applications of AI.
Finally, the company claims to use a ‘continuous monitoring approach,’ with new regulations being published frequently. Through this, the company is able to keep its software information up to date.
Digital identity theft is one of the most frequent cybercrimes. Due to its increase, online identification concepts are emerging. Thanks to new tools like these, iGaming operators can ensure that their platforms will be protected, and thus the user experience will be much better.