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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.
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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.
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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