The integration between these two entities aims to improve user experience and ensure regulatory compliance within the iGaming sector. By incorporating Sumsub's advanced verification services, EvenBet Gaming clients gain the ability to simplify their KYC process, ultimately reducing the time and effort required for identity verification. Consequently, players can swiftly access gaming services without the need for extensive document submissions and delays associated with verification procedures.
One of the main advantages of this integration is the streamlining of document handling. Sumsub's technologies enable rapid and secure submission, verification, and storage of important documents, which results in a more efficient experience for both players and operators when dealing with essential documentation.
According to EvenBet, maintaining compliance with evolving regulatory frameworks is very important for iGaming operators. In this context, the integration of Sumsub's KYC solutions into EvenBet's platform ensures that clients adhere to the latest regulations, thereby mitigating compliance risks and creating a secure and reliable gaming environment.
Additionally, the Sumsub integration offers the capability to set transaction limits and restrictions based on the verification status of players. Operators can now customise cashout amounts to align with each player's level of verification. In the highly competitive iGaming industry, this new Sumsub integration underscores EvenBet Gaming's commitment to delivering optimal solutions to its clients. In essence, this collaboration aims to enable operators to offer a more efficient, secure, and user-friendly experience while effectively addressing compliance-related challenges.
In September 2023, Sumsub launched a free trial of its crypto Travel Rule solution. Starting on 1 September 2023, Sumsub launched six-month free trial of its Travel Rule compliance solution, coinciding with the United Kingdom's enforcement of the Crypto Travel Rule legislation. This move was aimed at countering money laundering and terrorism financing in the global cryptocurrency space.
The launch came in the context of a surge in Anti-Money Laundering (AML) fines experienced by the cryptocurrency industry, amounting to nearly USD 5 billion by the end of 2022. A significant portion of these fines resulted from inadequate implementation of identity verification and Know Your Customer (KYC) processes.
In the same month, Sumsub partnered with dtcpay to improve the security and reliability of digital currency payments in target markets. Following this announcement, Sumsub’s e-KYC service was incorporated into dtcpay’s wallet platform with the goal of simplifying the onboarding process for customers that are transacting with merchants and businesses using the platform. The companies will focus on target markets, including Singapore, Hong Kong, Dubai, the UK, and Europe.
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