With the recent regulation of online gambling, iGaming operators need to ensure that all aspects of compliance, from identity verification to monitoring suspicious transactions, are efficiently met.
However, managing compliance across multiple vendors can result in operational failures and unnecessary risks, compromising the integrity of the operation.
The problems of fragmented compliance
Managing compliance for an iGaming operation using multiple suppliers can be a complex and risky task.
Each vendor with its own system and processes creates a scenario prone to communication failures, operational errors and, worst of all, data fragmentation.
This lack of integration compromises security, increases exposure to risk, and makes regulatory compliance more difficult to maintain.
In detail, among the biggest challenges of a fragmented system are:
- Data silos: When data is fragmented across different systems, it becomes much harder to get a complete view of the customer and transactions. This fragmentation increases the potential for errors and gaps in monitoring, which can compromise security and regulatory compliance.
- Human errors and operational inconsistencies: When multiple vendors are involved, the likelihood of operational inconsistencies increases, which can result in human errors during verification or monitoring of transactions, leading to time-consuming corrective actions and non-compliance with regulations.
- Complexity in management: having multiple suppliers means dealing with disorganized processes and different systems, which makes management more complex and time-consuming. The lack of a single platform to manage compliance can result in less effective control and a greater chance of process failures.
- High operational costs: Using multiple vendors can increase operational costs, as ongoing training for teams and constant coordination between vendors is required. Additionally, implementing different compliance platforms can be expensive and resource-intensive.
- Difficulty managing multiple jurisdictions: Many compliance companies have a global approach, which means they often fail to focus on the specificities of Brazilian legislation. This failure can end up creating a scenario in which local regulations are not properly complied with. Without paying close attention to Brazil’s specific requirements, your operation runs the risk of facing serious compliance issues, putting your business’s security and reputation at risk.
The Importance of One-Stop-Shop in iGaming
Choosing a single supplier to manage all compliance can be the key to solving many of these challenges. After all, when you centralize the process, you gain much more than “just” efficiency, but also security and peace of mind.
That is, having all aspects of compliance, from identity verification to ongoing monitoring, on a single platform means that all data is integrated and interconnected, eliminating gaps and failures that can arise when different vendors are involved.
Additionally, this allows for a more direct focus on the specific needs of your market, such as Brazilian regulations, ensuring that your operation is always in compliance with local laws.
In more detail, we are talking about:
- Process and data integration:
- Centralized data on a single platform enables a complete and accurate view of the customer and transactions, which facilitates continuous monitoring and risk identification.
- This eliminates errors related to data fragmentation, and communication failures between different systems are reduced, making the compliance process more efficient and secure.
- Reduction of operational risks:
- By integrating all compliance functions into a single platform, you reduce the likelihood of security gaps and human errors that could compromise operations.
- This integration results in more effective monitoring, ensuring that all aspects of identity verification, transaction monitoring, and fraud prevention are covered flawlessly.
- Management efficiency:
- Using a single vendor simplifies management by eliminating the need for constant coordination between different platforms and vendors.
- This simplification results in fewer administrative tasks and greater operational efficiency, allowing your team to focus on other areas of the business, such as marketing and user experience.
- Continuous monitoring and proactive adjustments:
- Compliance isn’t something you do once and done. With a single provider, ongoing monitoring ensures your operation is always up to date and compliant with new regulations.
- Additionally, the single platform enables proactive adjustments, making it easy to adapt to legal changes quickly and frictionlessly.
- Saving time and resources:
- By eliminating multiple vendors, you reduce the time spent on coordination and training, and avoid implementing multiple compliance platforms.
- The result is a reduction in operating costs, allowing you to allocate resources to other areas of the business.
How does it work in practice?
In practice, by centralizing compliance on a single platform, all essential processes are managed in an integrated and efficient manner. That is, from identity verification to transaction monitoring and analysis of suspicious behavior, all information is collected and analyzed in real time, without the need to switch between different systems.
For example, identity verification, which can be done automatically, is faster and more accurate. Suspicious transactions are detected more efficiently, since all transactions are analyzed within the same system, allowing immediate correlation between data and identification of irregular activities.
Furthermore, it is possible to ensure that the entire operation is continuously monitored, without interruptions or failures, and adjusted as new regulations come into force.
With all data centralized and accessible in a single location, reports and audits become easier to generate, providing greater transparency and control over all compliance activities.
More than 100 brands already trust the only One-Stop-Shop platform for compliance in Brazil. Click here and see how to integrate it!
