MAX SEVOSTIANOV Chief Operating Officer BETBAZAR
One area they could improve in comparison to other markets is to create a more uniform regulatory framework across the entire region, as we’ve already seen elsewhere that fragmented legislature can create compliance headaches for operators and slow down growth.
Yes, operators have a responsibility to educate customers on
responsible gaming protocols and KYC verification, especially in regions like LatAm where these concepts are still developing.
Educating customers not only fosters trust but also helps ensure compliance by encouraging informed participation.
MYKOLA MASHKOVSKYI Chief Executive Officer KYCAID
Additionally, regulators should look to simplify the user experience by adopting biometric technologies or automated processes that can verify identity without creating barriers to entry. One area they could improve in comparison to other markets is to create a more uniform regulatory framework across the entire region, as we’ve already seen elsewhere that fragmented legislature can create compliance headaches for operators and slow down growth.
Mykola: Having a lack of ID standardisation – even within one country – poses a challenge in the region. Using digital ID seems to be the future and Brazil is some way ahead in terms of adopting both biometric and digital identity technologies. Several years ago, the majority of the instances of fraud in Brazil came from stolen identities; and with the development of new technology, we can see higher numbers of generated identity fraud and deepfakes. AI-driven technologies like biometric face verification and authentication have been proven to help solve this issue, so I believe greater adoption of them could be key in LatAm.
Many of the regulated LatAm markets seem willing to adopt modern KYC processes that incorporate newer technologies like AI and biometrics – do you think having what is effectively a “fresh start” when establishing KYC rules gives regulators the chance to introduce a framework that is
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both more accurate and better streamlined?
Max: With the technology that regulators have available to them today, I think it will be a massive advantage for them to effectively be able to build a new framework from the ground up. As anyone who knows me will tell you, I’m a big believer in AI – and in this case, adopting it from the outset could dramatically improve the KYC processes available across the LatAm region. By combining AI with biometric technologies that are not only connected to the government database, but all databases throughout the region, operators will be able to onboard users quickly – and making these processes available via mobile will also better support a new generation of players.
Mykola: Yes, a "fresh start" allows regulators in LatAm markets to establish KYC frameworks that are both more accurate and better streamlined. By incorporating AI-driven technologies such as ID documents and dynamic liveness verification which can ensure the person claiming the identity is the right, real person and is physically present at the time, these regulations can achieve a high level of security while maintaining user convenience and simplicity. Clear and well- defined rules, combined with advanced technology, create a strong foundation for effective KYC processes.
FRAUD PREVENTION
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