Tag Archives: AML

UKGC recommends FATF guidance to safeguarding risk-based supervision 

The UK Gambling Commission (UKGC) has prompted operators to review the Financial Action Task Force’s (FATF) updated AML guidance with regards to safeguarding their customers’ risk-based supervision approach.  Established in 2001 by the G7, the FATF serves as the financial crime and anti-terrorist financing unit responsible for developing intergovernmental cooperation to combat the growing threat of international money laundering.   The …

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W2 and Crucial Compliance: Simplifying the compliance burden for igaming operators

Crucial Compliance

Writing a shared account for SBC News, Warren Russell from W2 and Crucial Compliance’s Paul Foster explain why the move towards tighter enforcement for global regulators leaves operators needing to strengthen their compliance efforts today. Global regulators continue to tighten regulations to ensure licence holders meet the highest possible safer gambling and AML standards. As part of these efforts, regulators …

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Getting regulation ready for the US – Navigating the process of platform certification for the online market

platform

The speed at which you can get to market with a certified platform has become a crucial talking point for igaming operators as more US states open their doors to regulated gambling. We spoke to Daniel Files, Technical Compliance Business Director at Gaming Innovation Group (GiG), to get a better feel for the time and resources involved with certifying a …

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UKGC seeks guidance on customer interactions

consultation

The UK Gambling Commission (UKGC) has launched a further consultation seeking guidance on ‘how online gambling companies interact with their customers’.  The Commission aims to gather wide-ranging insights and opinions from businesses, employees and their customers on ‘what protections should be offered by online gambling operators to prevent harms to their customers’. UK online gambling laws require licensed operators to …

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Pinnacle boosts KYC capabilities through Sumsub deal

Pinnacle boosts KYC capabilities through Sumsub deal

Pinnacle will strengthen its commitment to social responsibility after signing a new partnership with Sumsub, an identity verification platform that covers the compliance disciplines of KYC, KYB and AML. Through the new agreement, Sumsub will support the operator in streamlining its onboarding customer procedures fulfilling key compliance requisites across multiple jurisdictions, as well as helping ‘protect their users from unnecessary …

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AgeChecked – Germany offers operators no grace period on age-verification requirements

mybet

Germany follows the Netherlands in placing age verification as the critical compliance component of The Interstate Treaty on Gambling to be fully enforced from 1 July 2021. Though final compliance requirements are yet to be settled, Germany’s sixteen Länder (regional councils) remain adamant that new federal gambling regime will carry a zero-tolerance policy on age-verification infringements, summoning licence suspensions and …

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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 

consultation

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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