Home
/
Industry
/
Casinos and Betting

Casinos and Betting

Casinos, gambling and betting are on the rise and are a growing concern for governments and law enforcement agencies worldwide. Various businesses are involved in gambling activities, such as physical casinos and betting services, online casinos, but also bars and clubs with poker machines among others.

Guarding Against Money Laundering in the Gambling Industry: Identifying and Managing ML/TF Risks for Casinos and Betting Agents

Money launderers often try to use casinos and betting agents as means to launder money due to the anonymity provided as a result of the cash-intensive nature of the business.
The ability to receive cash from associates, combine funds from multiple sources, exchange money, store money in betting accounts prior to withdrawing, "messenger betting" or placing "cash-out bets" are practices that expose gambling entities to the risk of money laundering and terrorist financing (ML/TF).
Casinos and betting platforms can store or transfer illegal funds, allowing clients to conceal illicit gains and avoid statutory laws. This can expose the casinos and betting businesses to money laundering (ML) and terrorism financing (TF) risks. The lack of regulation and oversight in "live betting" can also create compliance gaps in the sports and race betting sector. Additionally, conflict of interest and fear of losing business can also lead to weak compliance in this sector.

Regulatory Compliance

Gambling and betting companies must be registered with the relevant regulatory authority. Additionally, they must implement strong AML measures including KYC, perform transaction monitoring, and report transactions that are suspected to be related to money laundering. Gambling entities must pay attention to transactions involving foreign currencies, cryptocurrencies or transactions that may be related to sanctioned persons or countries.
Comprehensive Risk Management Solutions
PEP & Sanctions Checks
Safeguard your business with our comprehensive PEP and Sanctions Checks. Scan again daily updated datasets and stay aligned with global regulation.
Learn More
Sanctions Checks
Ensuring Compliance with Global Sanctions Regulations
Learn More
Adverse Media Checks
Improve due diligence effortlessly with our integrated Adverse Media Checks, offering simultaneous screening alongside PEP and Sanctions—at no extra cost.
Learn More
Customer Identity Verification
Simplify your KYC procedures with our powerful Identity Verification solutions. Effortlessly meet KYC and AML/CTF obligations while strengthening your business's defenses against potential risks.
Learn More
Enhanced Due Diligence
Manage the risk of dealing with high risk customers
Learn More
Know Your Business
Our KYB checks offer thorough verification of business partners, enhancing your due diligence and strengthening your business network.
Learn More
Transaction Monitoring
Monitor financial activities as they occur with our Transaction Monitoring system. Detect and report anomalies swiftly to ensure regulatory compliance.
Learn More
AML Consulting Service
Gain valuable insights and stay ahead in the compliance landscape with our expert AML consulting. Tailored advice from ACAMS-certified advisors to elevate your strategies.
Learn More
Compliance as a Business
Transform compliance into your business advantage. Leverage our cutting-edge risk management tools to help your clients foster trust and integrity.
Learn More
Visa Check
It is important to perform visa and right to work checks as part of the hiring process for several reasons
Learn More
Jurisdictional Risk Checks
Make informed decisions with our comprehensive Jurisdictional Risk Assessment. Safeguard your business while optimising opportunities in diverse markets.
Learn More

More Insights about the Industry

Regulations in the United States – What is the Securities and Exchange Committee (SEC)?

January 22, 2021
17 Minutes
#Regulation #SEC #USA
The Securities and Exchange Commission (SEC) was established in 1934 with a mission of protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital
Read More
Infographic explaining the Know Your Customer (KYC) procedures in cryptocurrency transactions, highlighting key steps such as identity verification, risk assessment, and compliance checks. The graphic includes icons and diagrams illustrating the interaction between users, crypto wallets, and regulatory frameworks.

Unravelling the Underworld:What is Money Laundering and How Can We Prevent It?

September 1, 2023
5 Minutes
#AML #MoneyLaundering

Money laundering is a serious global issue that has far-reaching implications. But what is laundered money?.

Learn More
why compliance

Why is ongoing monitoring important for your business health?

April 18, 2022
17 Minutes
#Anti Money Laundry #Financial Crime

With advancements in technology and constant regulatory updates, it is hard to know if your business has taken all the precautionary measures to ensure you ‘Know Your Customer’...

Learn More
regulation in usa

Why using third-party services for PEP and sanction checks adds value to your business

January 22, 2022
17 Minutes
#Regulators & Key Institutions #Financial Crime

With Anti-Money laundering (AML) and Counter Terrorism Financing (CTF) legislation at the focus of security and fraud detection globally...

Learn More
Learn about our easy-to-implement trust solutions
Request a Demo