Highly experienced team with a great understanding of your needs
Recent years have seen a significant period of change in the gaming industry, particularly with regards to risk management – reputational and operational – and protecting the business.
The growth of online and mobile channels has added to the challenge of keeping the industry operating within required regulations. Significant risks exist within this sector, largely due to its size, the volume of transactions and the number of people who participate.
Risks are also associated with the type of customers with whom an operator has potential to do business can fall into a number of areas such as:
- Politically Exposed Persons (PEPs)
- High rollers
- Customer whose spend isn’t consistent with their wealth or income
- Improper use of third parties
Whilst it is necessary to identify and address key areas such as customer, product, geography and means of payment separately for the purpose of building a risk assessment, the practical threat of money laundering will most likely entail a combination of the factors – for instance a particular type of customer using a certain product, and paying with cash.
We will implement Customer Due Diligence (CDD) processes, staff training and suspicion reporting on your behalf providing a clear understanding and recognition of the risks your business is potentially exposed. Our advisers will ensure that these controls are focused on, and aligned to address the right issues.
We can also discuss with you about focusing your processes on limiting either the impact or the likelihood of laundering taking place – or both. The former would entail introducing restrictions to play, or limiting the number of transactions in certain circumstances. On the other hand processes aimed at reducing the likelihood of laundering may include customer screening, seeking consent for certain transactions and staff training.
In addition, we can look at steps to identify possible laundering, together with actions required when concerns are detected. For example, ‘red flags’ or trip wires that are programmed into the business systems can be an effective way of identifying potential laundering. This is just the initial process and once events have been triggered we are on hand to investigate and resolve the concerns, or escalate them.