European Gaming / Q&A – Queen’s Award for Innovation Danny Edwards, Chief Revenue Officer at Synalogik – European Gaming Industry News
- Congratulations on receiving the Queen’s Award for Innovation. Can you tell us more about the award and why you received it?
The Queen’s Awards for Enterprise is probably the most prestigious and prestigious awards program in the UK. There are several categories, in our case we won the Queen’s Award for Innovation.
We won the award because of our data aggregation platform, Scout®, and its contribution to fighting financial crime and helping organizations with regulatory compliance in both the public and private sectors. Scout® has proven to deliver significant return on investment to businesses in the gaming, insurance, banking, legal and public sector industries. In the gambling industry, our clients include Entain Plc, Betway and Buzz Bingo.
- What does receiving such an award mean to Synalogik and the team behind the company?
Throughout our journey, we have been extremely fortunate to secure the support of some large multinationals and leading investors; however, receiving the Queen’s Award for Innovation has galvanized and given confidence to our team in a number of ways, in some more important ways. We have always been driven by a desire to help and serve the broader public interest; therefore, receiving an independent award of this high caliber gives us an unparalleled sense of pride that we are fulfilling our mission.
With the sad news of the passing of Her Majesty Queen Elizabeth II, it is with deep regret, but great pride that we realize that we will now be the last company to receive HRH Queen Elizabeth’s Innovation Award. .
- What makes your Scout data aggregation platform so effective?
Scout® is unique in its ability to aggregate data from open, closed, third-party and proprietary sources, allowing investigators and analysts to query data efficiently and at scale. Scout® performs data collection in a fraction of the time it takes users to manually log in and out of multiple data sources and investigation tools, even when reviewing thousands of investigation points. Countless tests indicate that Scout® saves up to 85% of their time compared to manual investigations.
This ability to aggregate all these data sources means it is able to automate complex due diligence and fraud investigations which was not possible before. Time-saving Scout® allows your team to investigate more cases, in more detail, at lower cost; however, its benefits go beyond mere time consumption. It also improves the efficiency of investigations by eliminating human errors and inconsistencies that occur when trying to compile reports and find links between information available in different browser windows and formats.
Synalogik was created in 2018 by law enforcement, intelligence and legal experts who were frustrated with the time it took to gather information when performing manual investigations. So we designed Scout® to include tools that would fundamentally address each of the pain points we had with the survey process. In addition to wanting to create a single intelligence environment with a unified interface, we added automated report generation in many formats, the ability to view links between entities, the ability to compare data and download mass, an open source intelligence tool, risk and research workflows. as well as the ability to break down data sharing barriers between branches and sub-brands with the Synalogik knowledge base.
- It is now used by 25% of the gaming industry. How does it benefit operators and what benefits does it unlock?
Scout helps operators improve their EDD, AML and RG processes by combining their third party data with open source information (including adverse media). This means that their analysts only need to log into one platform to perform all the required checks, which are then displayed in a downloadable report and in Scout’s workbench.
We’ve seen with existing clients that the time it takes to complete an investigation has been reduced by 85%, freeing up their analysts to focus on other business-critical tasks.
- How important is it for carriers to meet the highest possible standards for affordability, AML, etc.? ?
It’s incredibly important. As we have seen recently, the UKGC is fining more operators than ever before for misconduct, particularly in relation to anti-money laundering and social responsibility. I think operators understand that they are part of an ecosystem where it all benefits to ensure that laundered money does not enter their businesses and players can play in a fun and sustainable way for their future and that of organizations.
- How can operators prepare for a possible tightening of regulations in markets like the UK? How can your platform help you?
Tougher regulations inevitably mean operators need to better spot potential signs of criminals trying to launder money and gamblers hiding their true financial circumstances. It is therefore crucial to know more about the possible sources of available data and the information they can give on the challenges mentioned above.
Open source intelligence is now a mandatory and essential source of information for operators. Synalogik has conducted extensive research on the identification and risk assessment of vulnerable people. In one such case, an individual who appeared to have no apparent vulnerability was discovered. However, upon investigating more OSINT data sources, we were able to find mentions of his gambling addiction on several forums. If we had only used a limited number of data sources, this would have been missed, which could harm the player and the operator.
Our platform is unique in taking a data-agnostic approach to data aggregation, which means we work with our operator customers to integrate the data sources they need to carry out their risk assessments and controls. risks with optimal rigor. The ability to automate research and risk assessments across all their data sources gives them the time and tools to investigate more cases, in greater detail.
Additionally, it helps to improve analysts’ decisions – manually cross-checking and grouping data from multiple datasets in different browser windows can easily lead to human error. Scout® creates standardized, detailed and clear reports, leaving operators and their teams free to focus on decision making.
The open-source Scout® intelligence tool enables operators to create highly targeted automated searches around keywords, proximity, time period and document type, eliminating false positives and bringing them to the right information in seconds.