Money laundering has been a constant problem in multiple sectors but seems to be more prevalent in the betting industry. Online bookmakers and casinos have been finding it difficult to cope with the regulations for preventing money laundering and other fraud activities irrespective of knowing that a heavy fine is applicable if they don’t. It is an essential thing when it comes to iGaming, for example, NonGamStopBets when reviews available British casino sites that accept GamStop players checks that all operators follow this compliance before adding them to the list. To simplify compliance for gambling platforms with the AML rules, multiple software programs are there to help. These programs provide multiple services to gambling platforms with a similarity of complying with the AML rules.
Accuity
This AML software is focused on providing creative and innovative AML solutions to online casinos and sportsbooks. They not only focus on the gambling and gaming industry but also on other businesses in multiple sectors such as government, real estate, insurance, legal, freight, and cargo for risk and compliance services. They also focus on protecting the reputation of their clients through the solutions they provide. Some services offered by them include:
- Screening of account
- Screening, Sanctions and PEP data
- US securities industry compliance
- Counterparty KYC
- Trade compliance screening
Jumio
Jumio is one of the leading programs in the industry and offers top-notch art identity verification solutions. It helps online gambling platforms for verification of the age of players, preventing problem gambling and other fraudulence. Services provided by them focus on the extraction of date of birth, reduction of onboarding processes, mandatory KYC procedure, and reduction of manual reviews. Services provided by them include:
- KYC/AML compliance for gambling platforms
- Reduction of friendly fraudulence
- Social and online gambling
- Course correction
- Digital assurance of identity
- PASPA- compliant sports betting
Using simplified and understandable processes, they help in reducing underage gambling, detect suspicious gamblers, vet new players. It also helps in the reduction of abandonment rates along with friendly fraudulence.
Shufti Pro
This is another great AML software for iGaming offering many beneficial features that make them popular among online bookmakers. They support all countries and their languages and offer specific services for online gambling platforms which helps them to comply with the AML rules. Services provided by this software include:
- AML screening
- Identification Of Face
- KYC identification
- Identification of Address
- Consent Identification
- Identification of Documents
- 2-factor authentication
- AML for businesses
- Business OCR
- KYC video interview
- KYB corporate verification
- Biometric authentication by facial recognition
This software also provides an opportunity to pay as you choose the services or get into a monthly package.
Alessa
Next, we come to Alessa which is another AML software. It offers services like identity verification, transaction monitoring, regulatory reporting, sanctions screening along with due diligence. It also offers a demo platform for online gambling sites to try out before committing to the program and paying real money. This software prides itself in offering a wholesome solution for AML compliance and fraud detection and prevention. These can be done through different services they provide which includes:
- Investigation tools
- Detecting suspicious behaviour by monitoring all transactions
- Regulatory reporting of CTRs, STRs, SARs
- Reduce risk by real-time due diligence
- Realistic assessment of risks of profiles, activities
- Discovering high-risk activities by periodic sanctions and real-time screening
Comply Advantage
It is the final AML software that we would like to focus on. Comply Advantage is a service offering solutions for the gambling and gaming industry. This software provides customers with a demo upon request before signing up for their services. This gives the players a chance to figure out how it works before paying for it. Their solutions mainly focus on ensuring that only legitimate and honest players can access Gambling services while placing barriers on individuals at high risk to abuse services. Comply Advantage provides services like:
- The lifetime value of a player is increased
- Reduction of onboarding efforts and costs
- Alerts during suspicious activities
- New players undergoing an instant screening
- Instant identification of suspicious gambling patterns among players
- Automating screening risks for speed and risk-based approach of online gambling platforms for minimising client disruption
- Using a massive global dynamic database of sanctions for screening players in real life
They also gave experts who can help people in identifying risks on gambling sites before they turn into actual threats that would cause trouble with regulations.
Conclusion
Casinos and other reporting entities in the gaming industry have been highlighted domestically and internationally as being prone to transaction fraud activities and money laundering. Thus, they often attract a lot of attention from regulators and criminals alike. Security is one of the main topics of LinuxForDevices and this article describes its importance. While each company wants to focus on an impeccable customer experience, they must also meet the stringent regulatory requirements. This usually comes with additional costs and risks that only escalates as a business scales. Therefore, casinos and other gaming establishments need to comply with AML/CFT regulations as financial institutions. The volume and frequency of transactions, diversity of patrons are cash badges and can be hard to manage, build and optimise a CFT/AML programme cost-effective and this is when automation is focused upon.
