By maddy
Wednesday, January 21, 2004 – KYCOS Holdings Ltd. will introduce the most advanced compliance solution for e-gaming companies facing the growing raft of worldwide anti-terrorist, anti-money laundering regulations at this year’s annual International Casino Exhibition (ICE), the trade show for the international casino and gaming community, taking place at Earls Court in London from January 27th-29th.

KYCOS will be located at stand 3176 at the exhibition. The Isle of Man-based company will share the stand with the Isle of Man Government e-Gaming Division and Debit Direct, a new online payment system provider.

“KYCOS is excited to be introducing our anti-money laundering due diligence programme to the casino and gaming industry at the International Casino Exhibition,” said John Bourbon, KYCOS CEO. “The KYCOS programme is the most comprehensive and technologically advanced solution to date for e-gaming companies facing the challenge and costs of compliance with international anti-terrorist, anti-money laundering regulations.”

He added: “At KYCOS (Know Your Customer Outsourced Services) we believe our service standard “Knowledge Is Security” meets the increasing need in today’s society post the events of 9/11 and the growing terrorist threat.

Anti-money laundering “Know Your Customer” (KYC) rules in many jurisdictions are demanding that gaming organisations –before paying winners – first complete a cumbersome process of identity checking. This process may involve collection of various forms of ID, including passports and utility bills, which in many instances must be stored for inspection. Organisations may also be required to affirm that their winning customers are not on any international watch lists of suspected money launderers or terrorists.

The KYC process is frustrating for players – who must wait for ID verification before receiving their winnings. It is onerous for e-gaming organizations that must shoulder the costs of document processing and storage.

KYCOS’ streamlined process of identity verification centers on the following features:

· The KYCOS Card, an “international financial passport” provided to customers whose identities are checked by KYCOS.

· The Harvestor service, a cutting-edge online process that checks customer identity by accessing some thousands of data sources.

·The KYCOS International Customer Due Diligence Registry, storing images of customer identity records, from passports to utility bills, in a high-resolution encrypted image bank using state-of-the-art technology.

“Using The KYCOS Card, e-gaming players do not have to repeatedly submit their ID for verification each time they win. By increasing the convenience for winners, the Card lets e-gaming companies improve their relationship with their high value clients – and it keeps these customers playing,” John Bourbon said.

The KYCOS programme was unveiled on the Isle of Man in October 2003. The company was founded by Group Chairman James Knapp, a renowned technology expert who played a leading role in the development of the JPEG digital imaging format. A former technology representative on the National Security Forum under U.S. President Ronald Reagan, Knapp has also served as a contractor to such companies as IBM, Kodak, Upjohn, Kellogg and EDS.

KYCOS CEO John Bourbon is a former banking regulator and distinguished expert in the field of due diligence compliance. He was previously Managing Director of the Cayman Islands Monetary Authority where he was credited with the removal of the jurisdiction from the Financial Action Task Force (FATF) list of non-cooperative countries and territories. Bourbon is also a co-author of the Basel Customer Due Diligence Paper, considered highly influential in shaping international due diligence regulations.

Visitors to the KYCOS stand at ICE will be able to leave their business card and enter to win an “anti-money laundering” washing machine or the sterling cash equivalent.

“We wanted to get across our anti-money laundering message and also have some fun,” Bourbon said.


KYCOS (pronounced “keekos”), or Know Your Customer Outsourced Services, provides enhanced due diligence, anti-money laundering training and compliance document storage services to individuals and leading financial services providers, as well as consulting expertise in international financial regulation and risk management (fraud prevention). The company has locations in the Isle of Man, Jersey (Channel Islands), the United States and the Cayman Islands.

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