New tech tools help reduce AML risk

Douglas Wolfson, Director, Financial Crime Compliance, LexisNexis Risk Solutions. Casino managers have a growing array of technology tools at their disposal to help them overcome money laundering risks, both in online and land-based gaming. Casinos and online gaming sites have long been the target for criminals seeking to launder illicit funds. Although casinos have significantly stepped up their efforts to understand who is playing at their tables, there are still opportunities for one to walk in with cash, convert it to chips, play for a while, then convert the chips back to cash, without ever giving a name or any personal information. Online gaming also has an anonymity problem. While a registered user must give their name and some personal information to open an account, the site never meets that individual, so it’s difficult to know whether the registered user and the actual user are the same. To ensure that physical and online...

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