case study

How BET99 Transformed Its AML Operations, Slashing Alert Disposition Time to 3.19 Minutes Per Alert and Setting an Industry Record

February 6, 2024

BET99, an online casino and sports betting brand in Ontario, Canada, embarked on a digital transformation in its AML compliance program by integrating Kinectify’s innovative technology. The implementation of Kinectify's AML module streamlined operations and enabled them to drive down time spent on transaction monitoring by 75% through modern software previously unavailable to gaming operators in Ontario.

Highlights

Challenges

  • Manual processes that were time-consuming and less dynamic than modern software offers
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Solutions

  • 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
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Results

  • Reduced time spent to decision suspicious activity by 75%
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“Kinectify’s monitoring platform has become a key part of our compliance program, allowing us to identify potential suspicious activity quickly and efficiently and minimize risk to our business. BET99’s engagement with Kinectify reinforces our AML and risk management programs and provides us with the cutting-edge technology necessary to remain compliant and competitive in the current Ontario market.”

Jared Beber

CEO of BET99

The Challenge

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.

The Solution

Jared Beber

CEO of BET99

Deploying Kinectify’s AML module designed for iGO’s expectations in Ontario provided modern and sophisticated technology, improving both efficiency and speed of detection.

One improvement Kinectify’s AML module delivered was robust alert risk scoring and data visualization capabilities allowing users to more immediately detect true suspicious activity. Kinectify’s platform incorporates behavior-based monitoring and a range of modern technologies such as relationship link-analysis and data streaming, providing BET99 with advanced player risk assessment capabilities, data visualizations, and analytics. These technological advancements were crucial for decreasing unnecessary manual processes, false positives, and decisioning suspicious activity more immediately.

Engaging Kinectify’s advisory services was another strategic step for BET99. This decision enabled BET99 to instantaneously augment their staff to address workloads in real-time, such as completing a large batch of suspicious transaction reports (STRs) on time when a fraud ring was detected.

The streamlining of the player risk assessment and transaction monitoring processes, as well as the ability to augment staff in real-time, can be crucial for operators in Ontario adhering to strict compliance standards under their iGO operating agreements.

The Result

The implementation of Kinectify’s technology by BET99 as a robust solution for the Ontario iGaming market brought about substantial improvements in their AML compliance processes. With the use of Kinectify’s software, BET99 was able to reduce alert disposition time from 12.59 minutes to 3.19 minutes per alert. This efficiency is a clear departure from what most operators experience, in the range of 60 to 90 minutes per alert.

BET99’s integration of Kinectify’s AML module stands as a practical demonstration of how the right technological solution can lead to significant operational enhancements in the dynamic and high-stakes gaming industry.

By implementing modern technologies, gaming operators can improve their risk management effectiveness, respond to regulatory requirements more promptly, and better allocate their resources. The collaboration between BET99 and Kinectify showcases the powerful role of technology in simplifying the intricacies of AML compliance, providing a practical guide for others in the industry to follow.