Tag Archives: AML

Spelinspektionen reminds operators of AML responsibilities

The Swedish Gambling Authority, Spelinspektionen, has issued guidance for licence holders which outlines ‘common risks’ and examples of how online games can be used for money laundering and terrorist financing. Spelinspektionen also included some of its own observations on the actions that operators have previously taken to combat money laundering, emphasising that operators must assign customers a risk level when …

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ConnectPay ups security investment to combat online fraud

ConnectPay

ConnectPay will, this year, invest an additional €750,000 in Anti Money Laundering (AML) and Counter-Financing of Terrorism compliance solutions. The online banking service provider believes that security of transactions must be top priority for higher risk sectors such as online gambling, adding that financial crime across all industries has reached $2.1 trillion per annum – a figure ConnectPay expects to …

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UKGC warns of white label conduct following FSB failings 

White-label services have come under further regulatory scrutiny as the UK Gambling Commission (UKGC) has ordered FSB to pay £600,000 after the regulator identified responsibility failings attached to the management of its ‘subsidiary licensed’ partners.  Conducting an investigation, the UKGC found that FSB white label partners had breached industry standards on customer interactions, AML deficiencies, inappropriate advertising, self-exclusion protocols and …

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Trustly Live to help land-based casinos go cashless

Trustly Live

Online payments specialist Trustly has launched Trustly Live, a brand new solution bringing instant cashless payments to land-based casinos and sportsbooks. Now that consumers are increasingly using less cash in their everyday lives, Trustly Live – the company’s first product built specifically for land-based gaming – is there to help operators keep up with this changing behaviour. For example, only …

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Italy calls for toughest stance governing gambling transactions

Italian gambling incumbents are set to undertake further market adjustments, as the new 5Star-DP coalition government publishes the draft decree of its planned ‘Budget Law’. Following on from 2019’s gambling advertising ban established by the former Lega-5Star coalition government, in 2020 Italy will move to establish new payment processing laws and operator AML registry. New fiscal provisions introduced to the …

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Jaime Debono: iGaming Academy – Testing times as industry faces its deep learning curve

 In 2019, regulatory penalties and warnings have underlined the industry’s need to enhance staff training and talent development. Nevertheless, does betting leadership understand the complexities of developing effective teaching modules for staff tackling a broader remit of enforced demands. SBC speaks to Jaime Debono, Managing Director of iGaming Academy on nurturing and enhancing the industry’s learning capacity… A dynamic that …

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BtoBet’s Alessandro Fried: Tackling the compliance conundrum for European operators

compliance

The concept of a tournament hosted by multiple countries across Europe bodes well for the sports betting industry, writes BtoBet Chairman Alessandro Fried. However, bookmakers are facing significant challenges, primarily in terms of compliance.  Compliance was a key focus in our recent industry report ‘The Euro 2020 Challenge: Retaining your market share’, as well as the unique opportunity to increase …

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Global Gaming expected to dismiss half of staff following Q2 difficulties

After reporting that ‘the last three months have been the most turbulent and difficult’ in its company history, Malta-based Global Gaming has been forced to let go of half its staff in a bid to reduce costs.  Releasing its interim Q2 report last week, the iGaming operator explained that it had faced tough regulatory headwinds from its home market of …

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Round table – Sporting Group: The future of sportsbook personalisation

Sporting

Some of the leading suppliers to the sports betting industry offered their insights into the future for sportsbook personalisation based on automated customer segmentation, advanced behavioural analysis and predictive AI-driven models. The third round table participant was Sporting Group, represented by its CEO Simon Trim. SBC: What role does pricing and risk management have to play in the differentiation of a …

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UKGC’s AML guidance places high responsibility on industry officers

The UK Gambling Commission (UKGC) begins 2019’s legislative agenda publishing its industry guidance on ‘preventing money laundering and combating the financing of terrorism – (fourth edition)’. The UKGC’s report is led by the recommendations of the Financial Action Task Force (FATF), a European Union inter-governmental body responsible for setting international standards on anti-money laundering (AML) and counter-terrorism financing (CTF) frameworks and …

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