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Harnessing advanced geolocation to ensure compliance for cashless & digital wallets

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GeoComply releases industry white paper – harnessing advanced geolocation to ensure compliance for cashless & digital wallets

In an era where digital wallets and cashless transactions are becoming the norm within the gaming industry, maintaining compliance with stringent financial regulations is paramount. 

GeoComply’s latest industry white paper provides needed insights for all gaming enterprises, ranging from casinos to mobile wagering apps. We simplify the daunting task of ensuring compliance while also safeguarding against fraud and financial crimes. As detailed in the white paper below, a key component to achieving this balance is accurately determining a user’s true location, a requirement stipulated by the Department of Treasury for Title 31 compliance.

The role of enhanced geolocation technology

GeoComply’s enhanced geolocation technology can determine a user’s location within meters. In order to comply with a myriad of regulations it is critical for gaming enterprises to integrate stringent geolocation checks into their operations, ensuring compliance for their cashless systems and mobile wagering applications.

GeoComply’s technology offers a robust defense against unauthorized access, location spoofing, and other forms of fraud, protecting gaming enterprises from hefty penalties and safeguarding their reputation.

Five ways GeoComply empowers compliance and security

  • Blocking users in high-risk or sanctioned jurisdictions: GeoComply’s technology can block transactions from regions that pose a high risk or are under sanctions, ensuring that gaming enterprises do not inadvertently violate regulations.
  • Identifying and preventing location spoofing: By detecting VPNs, proxies, and fraudulent IP addresses, GeoComply helps gaming enterprises avoid regulatory red flags and maintain the integrity of their operations.
  • Verifying location for reporting suspicious activities: GeoComply’s solution enables the detection and reporting of suspicious activities, further aligning with OFAC sanctions and AML requirements.
  • Preventing financial crimes: Ensuring transactions are conducted within compliant environments, GeoComply aids in the prevention of financial crimes, including money laundering and terrorist financing.
  • Protecting against unauthorized access: Enhanced geolocation checks at critical transaction points help prevent account takeovers, safeguarding both the customers’ funds and the enterprise’s credibility.

The bottom line

GeoComply’s enhanced geolocation technology is not just a tool for ensuring regulatory compliance; it’s a strategic asset for gaming enterprises aiming to navigate the complex landscape of digital transactions securely and lawfully. With more than 10 billion transactions processed annually and installed on over 400 million devices worldwide, GeoComply stands at the forefront of geolocation solutions, empowering gaming enterprises to meet their compliance needs while providing a secure, trustworthy platform for their customers.

In a world where digital innovation continues to reshape the gaming industry, GeoComply’s enhanced geolocation technology is a beacon of compliance and security, ensuring that gaming enterprises can thrive in a digital age without compromising on legal obligations or customer trust.

Learn how your business can harness advanced geolocation to ensure compliance for cashless & digital wallets
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