AML/CFT legislation impacts businesses across all sectors, whether large banks or local leasing companies. Regardless of size, everyone has a part to play in disrupting criminal activity and keeping our communities safe.
As the costs, risks, and regulations associated with achieving compliance continue to steadily increase, reporting entities in every sector require cost effective solutions that are the right fit for their particular risk profile and business environment.
Casinos and reporting entities in the gaming sector have been highlighted internationally and domestically as being vulnerable to money laundering and transaction fraud activities. They often attract a lot of attention from criminals and regulators alike.
While you want to focus on a fantastic customer experience, you must also meet stringent regulatory requirements. This can come with additional risk and cost that will only escalate as your business scales.
Casinos and gaming establishments are required to comply with the same AML/CFT regulations as financial institutions, but they're a different kind of institution.
The diversity of patrons, the frequency and volume of transactions—much of it cash-based—can make it hard to build, manage, and optimise an AML/CFT programme cost-effectively. This is where automation comes in.
“Manually submitting all reports to AUSTRAC was quite time consuming. Jade ThirdEye is able to extract threshold transactions from our systems and compile a threshold report for us. This report only requires checking of data extracted prior to sending which saves a lot of time.
The customer screening tool in Jade ThirdEye has again saved many hours and also ensured all customers are rescreened after a predetermined amount of time.”
Easy to use, flexible, rules-based transaction monitoring that you can configure according to your risk profile – on your own or with our team.
What is transaction monitoring and what do I need to know about my monitoring risks? At a recent ACAMS virtual panel event, 3 specialists discussed this topic.
The Game Has Changed. How has COVID-19 impacted the entertainment and gambling industry? This webinar focuses on the impact to risk profiles and AML programmes.
Explore how the flexible Jade ThirdEye solution helps organisations to achieve AML compliance.