AML for the gaming and gambling industry
Digital onboarding, AML screening and in-life monitoring of your client base
Historically, casinos and betting shops had a reputation for being fronts for money laundering and other criminal activities. With the rise on online gambling in the 21st century, online slot machines, sports betting and casino games provided by online platforms are increasingly popular.
The gambling industry has come in for criticism for the lack of scrutiny and AML processes in place to prevent exploitation. Recently, one of the largest casino operators in Australia, Crown Resorts, was implicated in schemes dating back to at least 2014. By receiving deposits under a threshold of $10,000, it is believed criminals were able to launder hundreds of millions of dollars. Similar schemes also flourished in Canada under the “Vancouver Model” and are still being investigated by enforcement agencies in British Columbia. It is vital gambling companies stay alert to the risks of exploitation of their services.
The UK government’s “National Risk Assessment of Money Laundering and Terrorist Financing 2017’’ repeated its 2016 NRA claim that gambling operators were allowing money launderers to use their facilities due to poor compliance with money laundering legislation.
In a sign that the AML landscape is changing, the Gambling Commission recently endorsed the FATF guidance on risk-based supervision. This calls for businesses to move away from a tick box approach to AML compliance to ensuring the full spectrum of risks are addressed.
Our technologies help gaming businesses to achieve optimal financial crime compliance performance with maximum efficiency. We do this through a commitment to building solutions that facilitate frictionless internal data economies in which the data held on customers can be used to maximum effect in the management of financial crime risk.
Get in touch so our experts can advise you on how to ensure robust AML procedures and protections are in place, specially designed to suit your business model.
The RiskScreen ecosystem
The RiskScreen AML platform provides an end-to-end solution for your management and protection against financial crime. Choose single or multiple modules, as your organisation requires.
Save weeks of work by conducting digital identity verification of individuals, as well as full KYC and KYB screening checks through your dedicated web portal and mobile app.
The risk levels you decided at onboarding can then carry through to your ongoing screening and monitoring.
AML screening against sanctions, PEP and watch list data – as well as adverse media – to establish your customer’s risk level.
Screen as a one-off at point of sale or pre-onboarding, then follow this up with ongoing scheduled batch screening across your customer base – so you’re alerted about changes, and can be confident in your exposure.
Revolutionise your decision making with RiskScreen’s in-life monitoring modules.
Turn your existing static and dynamic customer information into hot data for real-time risk analytics and reporting with our truly transformational approach to data and risk management.
Transforming customer onboarding for an international cross-border payments provider with a flexible, risk-based approach
About our Client Our client is an international fintech company that specialises in the facilitation of cross-border payments for emerging global markets. The company was
About our Client Founded in early 2018, our client is a specialist emerging markets investment advisor. Its team of experts has decades of experience and
AML Vulnerabilities in Gaming & Gambling