Connect with us
European Gaming Congress Milan
SIS

Industry News

Gambling sector deemed the industry most at risk of money laundering, new research from LexisNexis Risk Solutions reveals

Zoltan Tundik

Published

on

Reading Time: 2 minutes

 

1 in 3 (33.3%) anti-money laundering (AML) professionals in the gambling industry believe that their sector is at the highest risk of money laundering, according to a new report from global analytics provider LexisNexis® Risk Solutions. This opinion is shared by 41.9% of professionals in other regulated industries surveyed, who flagged the gambling sector as one of the top three industries most at risk of money laundering.

The report – On the Frontline: The UK’s Fight Against Money Laundering – is based on research conducted by the Economist Intelligence Unit and points to the risk potentially being caused by an internal culture of complacency. Almost 40% (39.2%) of AML professionals in the sector identified complacency as the biggest internal barrier to fighting money laundering. This, coupled with the fact that the same number (39.2%) think UK money laundering regulations are only “somewhat effective” points to a potential financial crime storm ahead for the gambling sector.

The Gambling Commission is acutely aware of the challenge, and in its 2018/19 Enforcement Report noted that it had investigated ‘a number of online casino operators’ found to have breached conditions related to the AML portions of their licences. During the past financial year, the watchdog issued a record £19.6m in penalties against firms who failed to stop money laundering or meet social responsibility obligations, and has warned of further ‘draconian’ actions for those operators who fail to learn lessons from these fines.

Even with this ramping up of enforcement actions, over 40% (41.2%) of respondents believe that the anti-money laundering regulations that they have to comply with are disproportionate to the money laundering threat that they actually face.

Despite a culture of complacency and lack of confidence in the AML regime, gambling firms are pouring money into AML compliance, with a vast majority (82.3%) stating their compliance budgets have increased over the last two years – more so than any other sector surveyed in the report.

A majority of this budget is being allocated to technology aimed at tackling the problem, the research revealed. Over 40% (41.7%) of AML compliance budgets is dedicated to technology at the moment, with over three quarters of respondents (78.4%) expecting funding for technology to increase further over the next five years.

Michael Harris, Director of Financial Crime Compliance and Reputational Risk at LexisNexis® Risk Solutions says:

“The threat money laundering poses to the gambling sector is very real, and this fact is clearly recognised by those working within it too.

The industry needs to take urgent steps to address this growing threat by ensuring that customer due diligence checks are conducted before allowing any gambling activity to begin, and, given the rise in online gambling, should consider embracing digital know your customer (KYC) technologies.

This, along with training teams dealing with customers on the frontline to spot money laundering red flags and adopt a risk-based approach, gives gambling operators the best chance of fighting financial crime and meeting their legal obligations.”

 

About LexisNexis® Risk Solutions

LexisNexis® Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. We provide data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information and analytics for professional and business customers across industries. For more information, please visit risk.lexisnexis.co.uk, and www.relx.com.

After starting out as an affiliate in 2009 and developing some recognized review portals, I have moved deeper into journalism and media. My experience has lead me to move into the B2B sector and write about compliance updates and report around the happenings of the online and land based gaming sector.

Continue Reading
Advertisement
Comments

Gaming Awards

The AskGamblers Awards Finalists’ Names Are In

George Miller

Published

on

Askgamblers Awards -Finalists’ Names Are In
Reading Time: 3 minutes

 

The AskGamblers team is happy to announce the AskGamblers Awards finalists’ names are in and ready to share.

For the past two months, the AskGamblers players’ have been nominating their Best Online Casino, Best New Casino and Best New Slot to enter the finals to win the AskGamblers Awards. Two additional categories in the race are the Best Software Provider and the Best Affiliate Partner.

The nomination period has been as exciting and intense as any race of this magnitude, with the accent placed on choosing the best among the best. Now, with the nomination period of two months over and the voting phase in its full speed, the finalists’ names are finally available for the world to hear.

Here are the top 10 finalists who have made the cut:

Best New Casino: 21.com, BaoCasino, MonteCryptos Casino, Maneki, Sportsbet.io, Spinia Casino, SlotWolf, Syndicate, Wishmaker, and Wazamba Casino.

In the category for Best Casino, the following 10 made the cut: Betsson Casino, Bitstarz Casino, CampeonBet, Everum Casino, EnergyCasino, Gunsbet Casino, King Billy Casino, Konung Casino, Mr.Play, and Platincasino.

The Best Slot category lists the following names in the finals: Book of Oz Slot by Microgaming; Cleopatra’s Diary Slot by Fugaso; Dead or Alive 2 Slot by NetEnt; Gold Canyon Slot by Betsoft; Mechanical Orange Slot by BGAMING; Pirates’ Plenty Slot by Red Tiger Gaming; Razor Shark Slot by Push Gaming; Solar Queen Slot by Playson; The Dog House Slot by Pragmatic Play; The Sword and The Grail Slot by Play’n GO.

In terms of the Best Software Provider, we have listed: Betsoft, BGAMING, Fugaso, Microgaming, NetEnt, Play’n GO, Playson, Pragmatic Play , Push Gaming, and Red Tiger Gaming.

The Best Affiliate Partner list goes as follows: LeoVegas Affiliate, Uffiliates, Betzest Partners, Stars Affiliate Club, RP Affiliates, JPJ Partners, Max Affiliates, PlayAttack Affiliates, IVY Affiliates, and Oshi Affiliates.

With the idea of giving the winners the acclaim they deserve, AskGamblers team is organizing the AskGamblers Awards gala night, third year in a row. The night of the final ceremony will be held on 17th January 2020 in Belgrade, allowing everyone absent to follow the event on live stream. The ceremony is expected to be the perfect blend of excitement, enthusiasm, and sweet anticipation – just as every other year before.

Being the most prestigious event in the iGaming industry, the AskGamblers Awards night is when the winners are chosen out of the following categories: Best Online Casino, Best New Casino and the Best New Slot with addition of Best Software Provider and the Best Affiliate Partner. Also, there will be a separate award called Players’ Choice.

As a crew of professionals whose primary mission is to keep its players happy and animated, AskGamblers has turned AskGamblers Awards night into a pure spectacle. By giving the players’ authority to choose the winners through nominations, AskGamblers is trusting and honouring their active dedication, trust, and commitment to the collective iGaming purpose.

AskGamblers’ Product Owner Denis Ristic reflected on the upcoming AskGamblers Awards event by saying: I am forever thrilled with the way AskGamblers team approaches improvement and innovation as well as with the way we manage to make our players feel in the process. Apart from our immense knowledge of the industry’s pitfalls and assets, I believe it is the unity of action, commitment, and creativity that keeps us pushing forward. The AskGamblers Awards night will be amazing, we can’t wait for the winners’ names to be announced!

By successfully keeping the players’ interest in the AskGamblers Awards nominations for a few years in a row, the AskGamblers team has once again proven itself worthy of everyone’s attention and trust. Pushing the envelope on more fronts than we can count has already become a fixed segment of the AskGamblers’s DNA.

Continue Reading

Compliance Updates

MGA Tightens Definition of Start-ups

Niji Narayan

Published

on

MGA Tightens Definition of Start-ups
Reading Time: 1 minute

 

The Malta Gaming Authority (MGA) has announced changes to the regulations on gaming license fees to narrow the definition of start-ups, potentially ramping up costs for smaller gaming businesses.

Previously, a start-up owner had to generate less than €10m in revenue from gaming or related sectors during the previous financial year, but now, such an owner must generate less than this amount over the previous 36 months.

The rule applies both to individuals who have generated more than €10m and to those who are “part of, or controlled by, a corporate group” who have generated the same.

Under the current license fee regulations, start-ups are exempt from paying the compliance contribution, which may be between €15,000 and €600,000, depending on revenue and the type of gaming services offered.

“This amendment is aimed at ensuring that undertakings classified as start-ups are truly such, whilst simultaneously not prejudicing corporate groups that were in the business many years back and wish to benefit from such an incentive by starting up again,” MGA explained.

The changes will come into effect from January 1, 2020.

Continue Reading

Industry News

Betsoft Gaming Partners with WeAreCasino

Niji Narayan

Published

on

Betsoft Gaming Partners with WeAreCasino
Reading Time: 1 minute

 

Betsoft Gaming has signed a distribution agreement with the online gaming platform provider WeAreCasino. As per the deal, WeAreCasino will have access to Betsoft’s full portfolio of titles, including the latest releases Gemmed!, Wolf Moon Rising and Gold Canyon.

“We are thrilled to have signed this agreement with WeAreCasino. We have a reputation for developing innovative content and are therefore delighted to partner with an innovative casino like this. They have proven to be very successful in the markets they’re operating in. We look forward to a successful partnership,” Francesca Raniolo, sales executive of Betsoft Gaming said.

“Betsoft’s portfolio of videoslots have a considerable reputation and we are eager to see how their games will perform for us. Betsoft’s innovative content closely aligns with our message so we expect our players to engage well with these games. We are very excited for this partnership to be a success,” Marko Jelen, head of sales at WeAreCasino said.

Continue Reading
Advertisement
NSoft

Global Gaming Industry Newsletter – Weekly Digest (sent every Wednesday)

Please select all the ways you would like to hear from European Gaming Media and Events:

You can unsubscribe at any time by clicking the link in the footer of our emails. For information about our privacy practices, please visit our website.

We use Mailchimp as our marketing platform. By clicking below to subscribe, you acknowledge that your information will be transferred to Mailchimp for processing. Learn more about Mailchimp's privacy practices here. Read more about European Gaming Media and Event's Privacy Policy and Terms of Service.

Subscribe to our News via Email

Enter your email address to subscribe to our news and receive notifications of new posts by email.

Latest by author

Trending

Notice for AdBlock users

We are constantly showing banners about important news regarding events and product launches. Please turn AdBlock off in order to see these areas.