Spotlight Report - Gaming and Gambling

AML and KYC Vulnerabilities

An in-depth look into the issue to help you to identify weaknesses in your existing compliance framework.

Gaming and gambling companies risk getting caught in a pincer movement. On the one hand, criminal groups are eyeing the potential opportunities afforded by the industry to launder the proceeds of wrongdoing, particularly as online gambling has boomed.

On the other, regulators, alert to this danger, are increasingly cracking down on companies judged to have fallen short on know your customer (KYC), anti-money laundering (AML) and countering the financing of terrorism (CFT) standards.

KYC and AML are powerful complements to each other and important elements for Gaming and Gambling companies looking to protect themselves against fraud and financial crime. Both involve verifying the identity and legitimacy of individuals and organisations through rigorous checks. In itself, that makes it harder for criminals to operate. In addition, AML checks help to uncover the money trail, understanding where money comes from and how it’s spent so that organisations can ensure it’s not laundered through them.

In this industry report, we examine:

  • Where gambling and gaming companies face AML risks
  • The regulatory environment
  • How to ensure compliance with AML

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