Recent record fines and scandals have put all bets off! Regulators are moving up a gear up and have urged sports betting companies to perform effective due diligence and greater care in how they identify and interact with customers. Criminals seeking to launder proceeds of crime continue to exploit weaknesses in know your customer (KYC), identity, fraud, and anti-money laundering (AML) controls. Sports betting has grown into a multi-billion dollar industry but is facing greater scrutiny by regulatory and law intelligence agencies. Identity Verification in Sports betting – are all bets off?Īs organised crime continues to proliferate and infiltrate sports betting, here we take a look at the regulatory challenges faced by the industry, and how GetID can help bookmakers reduce compliance risks by using state-of-the-art identity verification software in an ever-changing landscape.
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