Kompli-Global has developed a tool to help companies deal with the more time-consuming customer due diligence challenges of the 4th Anti-Money Laundering Directive (4th AMLD).
The 4th AMLD, which came into force on 26 June, includes a specific mention for the online gaming industry, where operators must perform more exhaustive checks on adverse player information.
Backed up by a team of compliance experts in 66 countries covering 158 regions, artificial intelligence tool Kompli-IQ has been developed with the aim of establishing itself as a baseline check and a “matter of routine” within the gaming industry, but also for companies in financial services and other regulated sectors looking to bolster anti-money laundering efforts.
Kompli-Global CEO Jane Jee said: “We have developed a search platform which enables companies to look and see whether there is adverse information on their new and existing customers.
“Gaming operators will have to carry out a risk assessment of their clients to work out whether those customers are low or high risk in terms of money laundering. One would suspect that those dealing in large sums of money are higher risk, so one needs to check them out more thoroughly.”
Addressed the geographical scope of the tool, Jee continued: “We have more than 500 key words that we associate with the names to carry out the search. To carry out a thorough assessment of somebody who is abroad, you need to be able to translate those terms into European languages and carry them out in the native language, and this is what we have done.
“We’ve worked hard to build a network of compliance experts. These local compliance specialists can help us develop those search terms and take account of these cultural differences.”