Money laundering is an important problem in many sectors but it seems to be more prevalent in the gambling industry. Online casinos and bookmakers are finding it difficult to keep up with the regulations to prevent money laundering and other fraudulent activities, while also considering the fact that they might receive a heavy fine if they can’t.
To make it easier for gambling platforms to comply with the AML rules and regulations which are changing regularly, there are different software programs to help, of course, if you are not looking for sites for betting without verification and any other KYC stuff. These programs provide different services to gambling platforms with one similarity, and that’s complying with AML rules.
The first software program on our list is Jumio, a leading program in the industry. It offers state of the art identity verification solutions, helping online gambling sites verify their players’ age, prevent problem gambling and also any fraudulent activities.
Their services usually focus on reducing onboarding processes, extracting date of birth, simplifying compliance to AML, mandatory KYC procedure and reducing the number of manual reviews. Their services include:
· Online and social gambling.
· AML/KYC compliance for gambling platforms.
· Reducing friendly fraud.
· Digital identity assurance.
· Course correction.
· PASPA-Compliant Sports Betting.
Using simple and easy to understand processes, they can reduce underage gambling, vet new players and detect suspicious ones, reduce abandonment rates and friendly fraud.
Next, we have Alessa, another AML software program. Alessa offers due diligence coupled with other services like transaction monitoring, identity verification, sanctions screening and regulatory reporting. Not only this, but it offers a demo account for gambling sites to try out before paying real money.
Alessa prides itself in offering a complete solution for AML compliance and fraud prevention and detection. They can do this through their different services, which include:
· Real-time due diligence to reduce risk.
· Real-time and periodic sanctions screening to discover high-risk activities.
· Realistic assessment of risks of profiles and activities.
· Monitoring all transactions to detect suspicious behaviour.
· Regulatory reporting of SARs, STRs and CTRs.
· Investigation tools.
They don’t only help you comply with AML but also help in assessing risks.
Accuity focuses on providing innovative and creative AML solutions to online casinos and bookmakers. They are interested in risk and compliance services, not only for the gaming and gambling industry but also for other businesses in different sectors like freight and cargo, government, legal, real estate, and insurance.
They also try to protect the reputations of their clients through their expertise and solutions. Some of the services they offer include:
· Counterparty KYC.
· Account screening.
· Trade compliance screening.
· Sanctions, screening and PEP data.
· Transaction screening.
· US securities industry compliance.
Another AML solutions software is Shufti Pro, another top provider of AML compliance solutions. They offer many beneficial features that make them popular among online casinos including the fact that they support all countries and languages.
They also offer different specific services for online gambling platforms, helping them comply with AML rules. The services include:
· Real-time KYC identification.
· Face identification.
· Address identification.
· Consent identification.
· Document identification.
· 2 factor authentication.
· AML screening.
· AML for businesses.
· AML data set.
· Ongoing AML.
· KYB corporate verification.
· Video interview KYC.
· Facial biometric authentication.
· OCR for businesses.
There is also the opportunity to pay as you go for the services or get into a monthly commitment.
The final AML software on our list is Comply Advantage, a service which offers solutions for the gaming and gambling industry. The software allows you to request a demo before signing up for their services, giving players the chance to give it a try and know how it works before paying.
Their solutions are focused on ensuring that only honest players can access your gambling services while placing barriers on high-risk individuals who want to abuse your services. Some of their services include:
· Screening players in real-time through a massive global dynamic database of sanctions.
· Automating the risk-based approach of gambling platforms to minimize client disruption.
· Automating screening risks for speed.
· Instant screening of new players.
· Immediate identification of suspicious or worrying gambling patterns in players.
· Real-time alerts of suspicious activity.
· Reducing onboarding costs and efforts.
· Increasing the player’s lifetime value.
They also have experts that can help you identify risks in your gambling site before they turn to threats that will keep you in trouble with regulators.