This settlement is the outcome of an internal review conducted by 888 subsidiary Virtual Global Digital Services earlier this year, which unveiled several deficiencies in their Know Your Customer (KYC) and Enhanced Due Diligence (EDD) practices. These shortcomings prompted the company to take corrective measures and cooperate with the regulatory authorities to address the issues.

The Operator Addressed Its Shortcomings

Virtual Global initiated its internal compliance investigation in January after 888 suspended VIP activities for select markets. The company expressed significant concerns regarding insufficient KYC and AML practices, prompting it to introduce updated policies and procedures regarding its risk assessment process. Although these efforts were successful, the Gibraltar regulator imposed a significant fine due to Virtual Global’s past failings.

According to the recent settlement, the 888 subsidiary must pay £2.9 million ($3.7 million). A portion of the settlement funds will benefit the Centre of Excellence for Responsible Gaming at the University of Gibraltar in its efforts to combat problem gambling in the region. The Gibraltar Gaming Commissioner decreed that the fine was suitable punishment and would take no further action against the offending operator. 

“888 has enhanced its policies and procedures in remediating the identified historical deficiencies. The Gambling Commissioner and Licensing Authority consider this matter closed.”

Gibraltar Gambling Commission

The Gibraltar regulator’s verdict aligns with its mission to ensure its licensees follow robust KYC and EDD practices. These measures are essential for verifying the identity of customers, preventing money laundering, and ensuring adherence to responsible gambling practices. Such fines should demonstrate the government’s ability to enforce regulations and hopefully contribute to the region’s removal from the FATF greylist.

888 Retains Its Significant Momentum

Virtual Global’s swift actions to remedy the identified shortcomings demonstrate the company’s commitment to ensuring compliance with regulatory requirements and maintaining the highest standards of responsible gambling and player protection. Despite 888’s past tensions with the Gibraltar regulator, the operator has been willing to collaborate with the authorities and rectify any issues.

The Virtual Global settlement marks the second high-profile fine 888 had to pay in recent months. Its $24 million penalty in the UK had significant repercussions, showcasing the need for more robust control over its subsidiaries. Despite these setbacks, 888 recorded impressive H1 growth, leveraging its substantial business synergies to excel in the highly competitive gambling market.

This substantial fine must remind all stakeholders in the online gambling sector about the importance of robust KYC and EDD procedures. By adhering to stringent compliance measures, companies can contribute to a safer and more transparent gambling environment for players and maintain the trust of regulatory authorities.

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The premier management advisory firm, delivering solutions and software for the sports betting, online gambling and casino sector, SCCG Management, has announced a new strategic partnership. The company revealed it joined forces with the world leader in biometric verification software solutions, AWARE. Under the terms of the new agreement, SCCG will help expand the reach of AWARE’s superior biometric software solutions, allowing new operators across the globe to benefit from them.

Per the new collaboration, AWARE’s solutions will be able to reach new partners that will benefit from its innovative know-your-customer (KYC) technology. At the same time SCCG will stay at the forefront of innovation by delivering groundbreaking solutions that help with authentication and identity verification. Additionally, AWARE’s solutions are renowned for their secure biometric enrollment, enabling seamless transactions and logins. Those ground-breaking solutions lead by example, setting a new standard for the online gambling sector.

Only recently, SCCG Management signed another important deal. Last week, the company revealed it signed a strategic agreement with Snapscreen Inc., a New York and Australia-based technology company. Under the terms of that collaboration, SCCG gained access to Snapscreen’s SnapOdds, an innovative live betting video recognition technology. The unique technology enables bettors and sports fans to be able to identify live sports events by taking a snapshot and engaging in in-game betting.

The Strategic Agreement Brings Excitement to the Duo

Dave Barcelo, AWARE’s CFO, highlighted the importance of the new agreement and the benefits it will bring to the two companies. He spoke about the frictionless logins that the company’s technology delivers.

Additionally, Barcelo said that AWARE will be delighted to help online gambling operators ensure security compliance while improving the experience for their customers. “AWARE has partnered with SCCG, and their vast experience in the global iGaming industry, to accelerate our reach and work with operators to incorporate biometric verification technology to strengthen platforms around the world,” he said in conclusion.

“We are excited to bring AWARE’s best-in-class biometric software solutions to the global gambling industry.“

Stephen Crystal, founder and CEO of SCCG Management

Stephen Crystal, SCCG’s founder and CEO, was similarly delighted to see the company join forces with AWARE and deliver supreme software solutions for the iGaming sector. Moreover, he explained that SCCG is in a perfect position to help distribute AWARE’s leading KYC solutions through its network of operators. Finally, Crystal noted that the agreement complements SCCG’s mission to improve user experience while adhering to standards related to compliance and security.

The post SCCG Management Signs Deal With AWARE for KYC Software Solutions appeared first on Keno Wizard.

This comes as Grand Casino Luzern faces stiffer competition from local operators that are equally determined to secure the highest possible market share. To achieve this, companies have been transitioning from land-based-only operations to adding online casinos. Mycasino, Grand Casino Luzern’s digital gambling arm, has been one of those.

Regula Helps with New Player Onboarding and Eliminates Mistakes

Now, the casino will leverage Regula’s advanced ID verification solutions that are based on manual checks and allow the operator to achieve the highest possible standard when it comes to identifying a customer and verifying important information about them. This is done to avoid money laundering, strengthen counter-terrorism financing, and generally protect consumers from irresponsible gambling patterns.

Mycasino has picked Regula Document Reader SDK following a recommendation from BW2, a business partner. Regula’s tool makes it possible to recognize the uploaded identity documents and verify them as genuine (or not) in seconds.

This means that mycasino’s staff will have a powerful tool that not only strengthens the compliance side of the business but similarly allows the company to speed onboarding along, reduce manual workload, and further reduce the chance of misreading a document or entering inaccurate data that could have serious implications for players and the casino.

Regula Document Reader SDK is touted as a well-rounded solution that makes it very easy to look up specific information in a submitted document that will automatically cross-reference information about IDs and decide based on that.

Compliance with Data Laws and Strengthening Security

No IDs are extracted or relayed to third parties, as mycasino is the only entity handling the data. Commenting on this, Grand Casino Luzern CEO Wolfgang Bliem said:

We are very satisfied with the outcome. Implementing Regula’s solution has helped us to be more efficient while maintaining our high standards for quality and compliance.  

Grand Casino Luzern CEO Wolfgang Bliem

Similarly, Regula EVP of identity verification solutions Henry Patishman said that the company was proud to be working with Grand Casino Luzern and start a new chapter for the company in the online gambling vertical, making the verification process smooth for partners and clients.

Switzerland has had an online gambling market for several years now, with the country only allowing local operators to hold licenses and run business activities in the market, as part of pension reform.

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