- Manual processes that were time-consuming and less dynamic than modern software offers
- Implemented Kinectify’s AML module designed to meet iGO’s expectations for player risk assessments, enhanced due diligence, and transaction monitoring
- Engaged Kinectify Advisors to augment staff with experienced gaming AML analysts to prepare FINTRAC filings
- Reduced time spent to decision suspicious activity by 75%
CEO of BET99
BET99 had no transaction monitoring software at go-live in 2022 because no software was available at that time that was tailored for the unique AML requirements of the new provincially regulated iGaming market in Ontario. This forced BET99 and most iGaming operators in Ontario to develop manual processes to monitor player activity, leading to concerns about scalability and resource allocation.
In establishing appropriate manual processes at go-live, BET99 engaged Kinectify Advisors to help design highly tuned PowerBI reports, which function like dynamic versions of excel spreadsheets. This is a common solution for iGaming operators in Ontario, as it provides more customizable monitoring capabilities when software is unavailable. These solutions, however, lack the sophistication modern software provides and are more labor-intensive.
By investing significant resources to develop the best processes possible until modern transaction monitoring software was available, BET99 achieved a below-average alert disposition time of 12.59 minutes in its first few months of operations, far below the industry average of 60-90 minutes. BET99 recognized, however, the eventual limitations of analytic tools like MS Excel and PowerBI in both efficiency and speed of detection when compared to modern software solutions that are purpose-built for AML risk management.
Beyond seeking to follow best risk management practices, BET99 sought a modern solution specifically designed to meet iGO’s specific expectations and to firmly put it in a strong risk management position in terms of both quality and efficiency as the company scaled its services in Ontario and beyond.