ICE VOX 2024
KYC in Africa: How to Build Trust Without Traditional Identity Verification?
Know Your Customer (KYC) is a critical process for gaming operators in order to fulfil their global regulatory requirements and protect against fraud, yet the data sources we take for granted in mature markets like the UK and US are often simply not available in markets devoid of traditional data points. More than 500 million people in Africa do not have any registered form of identity according to the World Bank, while a KPMG study in Nigeria, showed organisations are spending up to $1 million per year to manually verify identities. This workshop looks at how the industry should achieve best practice when traditional identity sources are simply not an option.
• Addressing the financial crime risks of ineffective KYC, including fraud, bribery, money laundering and sanctions.
• Understanding the resources and operational costs associated with implementing robust and scalable KYC tools in Africa.
• Fostering partnerships with local financial institutions for better insight into the regulatory landscape.
• The online and offline solutions available to bring greater efficiencies for new KYC procedures.