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Easily comply with AML and KYC on the iGaming market of Ontario

Published on
March 28, 2024
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On April 4, the province of Ontario is set to launch the first licensed and regulated iGaming market open to private operators in Canada. Operators must undertake identity verification and other KYC checks when a new player registers for an account and carry out proper due diligence and ongoing monthly monitoring to meet AML requirements. ZignSec provides operators with a stringent AML compliance program that caters to a stellar customer onboarding experience, crucial to attracting players.

AML, KYC, and other regulatory compliance obligations safeguard Canada’s new iGaming market

The province of Ontario will constitute the first licensed and regulated iGaming market open to private gaming operators in Canada. With its approximately 14 million inhabitants, representing about 38% of Canada's population, Ontario is the most populous province in the country. And as the first province to run a private market for online betting, Ontario could very well become one of the biggest gaming markets in North America.

Ontario’s iGaming market is regulated by The Alcohol and Gaming Commission of Ontario (AGCO). Its subsidiary iGaming Ontario serves as the operating entity entering into commercial agreements with operators. Private gaming operators registered with AGCO and having executed an operating agreement with iGaming Ontario can begin offering their games to players throughout the province, effective April 4.

iGaming Ontario aspires to provide the best online experience in the safest environment for players in Ontario. Consequently, gaming operators must comply with regulations, enhance their responsible gaming measures, protect vulnerable players, and keep minors from accessing their content and services.

iGaming operators will be required to undertake online identity verification, and other Know Your Customer (KYC) checks and adhere to Anti-money Laundering (AML) requirements for customer onboarding, i.e., when a player creates a new account. All information gathered from the operator’s KYC checks must be from two different sources.

A combination of name and address, name and date of birth or name and confirmation of a financial account must be matched. Operators must also carry out PEP (Politically Exposed Person), sanction and adverse media checks while conducting ongoing monthly monitoring to meet AML requirements and highlight any changes in the player's circumstances. ZignSec enables iGaming operators to quickly verify a player's identity and complete KYC and AML checks in line with new Canadian regulations with ease. Our all-in-one solution ensures your operations stay regulatory compliant.

Woman playing igaming

Automated identity verification, KYC onboarding and AML monitoring

ZignSec enables the onboarding of new players with a swift, intuitive and instruction guided procedure where players utilise their smartphone, a photo of their valid ID document and a video selfie for proof of identity, address, and age in real-time. Our fully automated ID verification process ensures that prospective players are who they claim to be in just seconds. All the information gathered as part of the KYC process always derives from dual sources as our implemented register checks utilise multiple data sources.

Connected to ZignSec’s platform, iGaming operators verify a player's identity with AI-driven ID document fraud analysis, biometric face comparison and liveness detection operating in the background. Our platform employs the most appropriate verification method regardless of whichever ID document is presented, rendering operators receptive to international customer acquisition. We cover more than 9000+ document types in 170+ countries.

ZignSec provides automated PEP (Politically Exposed Person) and sanction checks that consolidate verified lists from global PEP databases, Government Sanction Lists, Anti-Terrorism Lists, CIA Lists, and customised geographic lists. Gaming operators with real-time access to such comprehensive international watchlists can rest assured that any new screened clients that are sanctioned will be flagged.

This includes key persons associated economically or personally with a sanctioned country, e.g., Russia. PEP and sanction checks are part of an in-depth risk assessment of individuals flagged in your customer onboarding process during the KYC verification. PEPs can be susceptible to bribery and corruption, but this doesn't mean that they're all involved in criminal activity.

Thus, additional AML compliance measures for such players are required. Sanction list screening assists in identifying all the people you should not be doing business with and enable effective ongoing monitoring. Our platform frequently updates the sanction and PEP screening lists when there are changes.

Once a gaming operator is connected to our platform, all their existing relationships on the sanction or PEP lists can be flagged without the need for a new search. There will likely be adverse media reports on individuals on PEP sanctions lists.

The reasons for being mentioned in such a report range from simple romantic scandals to embezzlement or even more severe criminal charges. With adverse media checks highlighting individuals that can be potentially damaging directly or indirectly to a business, the question of why someone is on such a watchlist is as crucial as implementing stringent customer due diligence.

iGaming tools

Private iGaming operator's all-in-one solution for worldwide AML and KYC compliance

Only an automated KYC process with widespread global ID verification and accurate PEP and sanction checks can prevent fraud and hinder players under sanctions and their illicit funds from entering the financial system. Operators with this approach are not only safeguarding their business reputation by making it safer to utilise their services.

They're also restricting money laundering activities and the financing of global terrorism, making the world a safer place. Non-compliance may lead to fines and criminal charges, and the non-compliant companies could end up on a sanction list.

ZignSec enables iGaming operators to comply with the regulatory requirements of Ontario as well as worldwide, streamline customer acquisition, deter fraud, and quickly enter new markets. Operators connected to our platform have access to a complete aggregate supply of global and local compliance software solutions and services that meet AML and KYC requirements worldwide.

Our platform also serves as an orchestration layer for all the workflows, processes, and compliance solutions that gaming operators acquire, employ and manage via a single API connection. Orchestration enhances the entire KYC process sequentially as many of the automated checks can be run simultaneously, creating a seamless real-time customer experience.

ZignSec provides the system flexibility necessary for iGaming operators to act agile, adaptable, and competitive in compliance with regulatory demands. We are certified to ISO27001:2013, which guarantees our clients that we are managing the security of personal data and identities accordingly.

Contact us at sales@zignsec.com today to learn more or book a demo, and to ensure that you’re ready for these imminent and important changes.

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