Tag Archives: AML

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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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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