Novibet, a prominent online betting company, has recently announced its collaboration with W2, a leading identity solutions provider. This strategic partnership aims to ensure regulatory compliance and create a safe gambling environment for Novibet’s customers.
W2’s comprehensive suite of Anti-Money Laundering (AML) solutions enables Novibet to access global sanctions, Politically Exposed Persons (PEPs), and watchlist data from key jurisdictions across South America, North America, and the EU. By employing a single API access point, Novibet can effectively screen millions of records each month to prevent money laundering during the onboarding process and ongoing monitoring. This not only facilitates a smooth experience for customers but also safeguards Novibet’s reputation.
Giannis Papastamou, Head of Customer Compliance & Group MLRO at Novibet, expressed enthusiasm about the partnership stating, “W2 came highly recommended by DTI Solutions, a leading cyber security integrator to the gambling industry. This collaboration underscores our dedication to maintaining the highest standards of regulatory compliance and ongoing player protection while delivering a seamless and secure gaming experience for our customers.”
Jess Whitehouse, Head of Customer Success, Identity Solutions at FullCircl, the parent company of W2, shared his delight about Novibet’s decision. Whitehouse mentioned that W2 provides Novibet with a best practice approach to gambling compliance, including non-intrusive identity verification checks that balance the need for customer due diligence (CDD) with frictionless onboarding and a superior player experience.
Novibet’s partnership with W2 demonstrates its commitment to prioritizing regulatory compliance and ensuring the well-being of its customers. By integrating W2’s product suite into their platform, Novibet aims to further enhance their services and provide a secure environment for online gambling enthusiasts.
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About Novibet:
Novibet is a well-established GameTech company operating in numerous countries worldwide, including countries in Europe, the Americas, and ROW. With its proprietary betting platform, Novibet offers a comprehensive range of features such as In Play and Minute markets, Automatic and Hybrid Cash-Out options, quick settlement of bets, and an exciting betting experience.
About W2:
W2, a subsidiary of FullCircl, provides innovative identity solutions that enable businesses to meet regulatory requirements and make informed decisions about their customers. Their suite of solutions includes KYC, AML, and identity verification capabilities, ensuring compliance and risk assessment with minimal impact on customer onboarding.
Logo: [Link to logo image](https://mma.prnewswire.com/media/2194643/4686656/FullCircl_logo.jpg)
Source: FullCircl
Novibet’s partnership with W2, a leading identity solutions provider, highlights the growing importance of regulatory compliance in the online gambling industry. By collaborating with W2, Novibet aims to enhance customer compliance and create a safe gambling environment for its users.
W2’s suite of Anti-Money Laundering (AML) solutions equips Novibet with the ability to access global sanctions, Politically Exposed Persons (PEPs), and watchlist data from key jurisdictions across South America, North America, and the EU. This single API access point allows Novibet to effectively screen millions of records each month, preventing money laundering during the onboarding process and ongoing monitoring. By doing so, Novibet not only ensures a smooth experience for its customers but also protects its own reputation.
The collaboration between Novibet and W2 was recommended by DTI Solutions, a leading cyber security integrator to the gambling industry. This endorsement highlights the credibility and reliability of W2’s solutions in the market.
Advantages of the partnership include:
1. Improved regulatory compliance: By utilizing W2’s suite of solutions, Novibet can strengthen its adherence to regulatory requirements, mitigating the risk of penalties and legal issues.
2. Enhanced customer protection: The integration of W2’s solutions allows Novibet to create a safer gambling environment for its customers by effectively screening for money laundering and identifying potential risks associated with fraudulent activities.
3. Seamless onboarding experience: W2’s non-intrusive identity verification checks strike a balance between customer due diligence and frictionless onboarding, ensuring a smooth and efficient process for users.
Key challenges or controversies associated with this subject may include privacy concerns related to the collection and storage of customer data. It is important for Novibet and W2 to address these concerns and ensure transparent and secure data management practices to build trust with their users.
In terms of current market trends, the online gambling industry continues to experience significant growth. The increasing popularity of mobile gambling platforms, the expansion of online betting markets, and the integration of advanced technologies like artificial intelligence and blockchain are reshaping the industry.
Forecasts suggest that the global online gambling market will continue to grow at a CAGR of around 11.5% from 2021 to 2026, driven by factors such as the legalization of online gambling in various countries, the rising internet penetration, and the convenience of online betting platforms.
For more information about Novibet and their services, visit their website: Novibet.
To learn more about W2 and their identity solutions, visit their website: W2.