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Money Laundering can have far-reaching effects on Online Gaming Companies.

Legal Penalties

Gaming operators are subject to stringent regulations to prevent money laundering.
Compliance with laws such as the Anti-Money Laundering directives in the EU or the Bank Secrecy Act in the U.S. requires implementing robust monitoring systems, reporting suspicious activities and adhering to strict KYC protocols.
Failure to comply with AML regulations can lead to severe legal penalties, including hefty fines, loss of licenses, and even criminal charges against executives.

£6M fine for online gaming operator

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Gaming company fined €386,000 for Money Laundering

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Gaming company slapped with €67,000 fine by Malta’s Anti-money Laundering Unit

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Being involved in Money Laundering, knowingly or unknowingly, can Damage your Reputation

Loss of Revenue and Increased Costs

Laundered money often involves the use of fraudulent or stolen funds, which can result in chargebacks and loss of legitimate revenue.

Dealing with fraudulent accounts can also increase operational costs due to the need for investigation and remediation.

Decreased User Engagement

If a gaming platform is used for Money Laundering, it can affect the integrity of games, leading to an unfair gaming experience, and driving away honest players.

Legitimate players may experience inconvenience due to heightened security measures, such as transaction delays, identity verification processes, or even wrongful account freezes.

Money Laundering puts gaming operators at risk, affecting the Regulatory Compliance, Financial Stability, Reputation and Player Trust.

Challenges in addressing Money Laundering issues

Player Anonymity

Gaming platforms often allow players to create accounts with minimal personal information. The anonymity makes it easier for criminals to obscure their real identities.

Some platforms accept cryptocurrencies, which can offer greater anonymity. Cryptocurrencies can be harder to trace compared to traditional payment methods, complicating efforts to track illicit activities.

Lack of Standardization

Enforcement of AML regulations can vary by country, leading to inconsistencies in how rules are applied and creating opportunities for Money Laundering in less-regulated markets.

Different operators may implement varying levels of security and compliance measures. Such gaps can be exploited by criminals.

Evolving Techniques and Technology

Criminals constantly evolve their money laundering techniques to bypass detection. They may use a combination of deposits, player-to-player collusion, and withdrawals to launder money, making it hard to track.

Player Privacy Concerns

Implementing stringent AML measures often requires collecting and analyzing significant amounts of player data, which can raise privacy concerns.

Players may resist extensive verification processes, leading to a potential loss of customers.

This creates a conflict between maintaining a smooth user experience and ensuring compliance with AML regulations.

GAMWIT’s Approach in combating Money Laundering

Behavior Based - Not Rule Based

Instead of using rule based methods, GAMWIT uses advanced AI/ML algorithms to identify behavioral patterns of Money Launderers. These patterns might be too subtle or complex to detect manually.

GAMWIT can provide real-time monitoring of transactions, flagging suspicious activities as they occur.

This allows operators to take immediate action, such as freezing accounts or blocking transactions, to prevent further laundering.

Large Datasets Analyzed Instantly

GAMWIT checks player-wise betting patterns, gaming and non-gaming activities based on large volumes of data.

Our Proprietary Feature Factory, developed in-house from decades of experience in the gaming industry, enhances the prediction accuracy.

Dynamic Risk Assessment

GAMWIT can dynamically assess the risk level of each player based on our Proprietary Feature Factory, player transaction history and behavioral patterns. This allows for more effective prioritization of actions.

Enhanced User Experience

By improving the accuracy of detection systems, GAMWIT reduces the chances of flagging genuine players as problematic.

Therefore, providing a smoother and more secure experience for legitimate players while targeting suspicious activities more effectively.

Enhanced Reporting

GAMWIT can generate detailed and accurate reports for regulatory bodies, ensuring that all suspicious activities are documented and reported in compliance with AML regulations.

Fraud Detection and Prevention

GAMWIT can use predictive analytics to anticipate potential laundering activities based on historical data and trends. This allows operators to implement preemptive measures to stop laundering as soon as it starts occurring.

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Player Behavior is Dynamic

They vary from:

Game to Game

Company to Company

Demography to Demography

Geography to Geography

The set of behaviors that flag a player as a "Money Launderer" on your platform may not necessarily be the same for another platform.

Since our model trains on your data, it identifies those behaviors that are specific and relevant to your players.

GAMWIT’s AI Adapts Dynamically

The cognitive capabilities of GAMWIT’s AI detect changes in behaviors of Money Launderers over time.

It then adjusts the model to efficiently adapt and improve the accuracy of prediction.

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The cognitive capabilities of the GAMWIT system detects any change in VIP behavior and adjusts the model to adapt to these ever changing demands of your VIPs.

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This is almost impossible for a human to do without any bias.

Business Benefits

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Reduced risk of Legal or Financial Penalties and Protection against Fraud, contributing to a Safer Gaming Ecosystem

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Compliance with different Standards and Regulations

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Long-term Financial Stability

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Increased Operational Efficiency

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Enhanced Data Security and Privacy

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Enhanced Reputation and Trust amongst the Player Community

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Plug and Play Solution - No Technical Expertise Necessary!

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Our Anti-money Laundering Model is a Plug-and-Play Solution that your Marketing, Finance, Risk, and Compliance team can use without any experience or skill in data analytics or technical know-how.

This allows you to identify and categorize these potential Problem Gamblers early in your risk and mitigation program, saving time and resources.

Works with all Data Formats

Our dedicated team of experts, helps integrate your gaming data with GAMWIT, no matter where, how and in what format you are collecting or storing it.

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Works with all Data Formats

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Our dedicated team of experts, helps integrate your gaming data with GAMWIT, no matter where, how and in what format you are collecting or storing it.

Runs Automatically, so you can Focus on Growth!

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Once integrated, GAMWIT is automatic! It delivers individual player-wise VIP predictions to your VIP team, scientifically and consistently.

We can also help you integrate GAMWIT with your CRM Systems.

You completely eliminate human bias, or guesswork, because this is data driven - data that is specific to you!