|“Knowledge is Security,” is the motto KYCOS (or Know Your Customer Outsourced Services) are urging online gaming companies to embrace, as they introduce their new anti-money laundering, anti-terrorism compliance programme, the most advanced of its kind. |
The programme will help companies bring their systems into step with recent strict regulations regarding the fight against money-laundering and terrorist financing. Currently, before paying a winner, many sites must go through a cumbersome and costly process of identity checking. KYCOS’ streamlined system, however, introduces the KYCOS Card, an “international financial passport” provided to customers whose identities are rigorously checked. This will mean players will not have to continuously submit, and re-submit ID for verification each time they win.
They will also have at their fingertips something called ‘the Harvestor Service’ - a ‘cutting-edge online process that checks customer identity by accessing thousands of data sources,’ as well as a giant image bank of customer identity records.