Safety measures against criminal activities in gambling

Gambling websites can be affected by online criminals’ activities just like any other sites dealing with e-commerce or financial transactions. To accomplish their goals and obtain private and financial data, online criminals deploy malicious software that targets websites’ vulnerabilities.

To stop this growing tendency, operators are requested to insert procedures and software programs that detect and block money laundering activities and hacking devices.

Operators are required to implement anti-money laundering policies and procedures. This involves implementing effective know your customer processes when taking on new customers and tracking and reporting any suspicious transactions.

Know your customer

Know your customer (‘KYC’) is the process of a business identifying and verifying the identity of its clients. The term is also used to refer to the bank and anti-money laundering regulations which governs these activities. Know your customer processes are also employed by companies of all sizes for the purpose of ensuring their proposed agents, consultants, or distributors are anti-bribery compliant. Banks, insurers and export creditors are increasingly demanding that customers provide detailed anti-corruption due diligence information.

It has also been alleged that the largely unsupervised electronic funds transfers inherent in online gambling are being exploited by criminal interests to launder large amounts of money. However, according to a US GAO study, “Banking and gaming regulatory officials did not view Internet gambling as being particularly susceptible to money laundering, especially when credit cards, which create a transaction record and are subject to relatively low transaction limits, were used for payment. Likewise, credit card and gaming industry officials did not believe Internet gambling posed any particular risks in terms of money laundering.”

 

Online Casino Licensing

Gaming control boards also have complete authority to grant or deny licenses to gaming establishments, their ownership, employees, and vendors. Generally, in order to obtain a license, an applicant must demonstrate that they possess good character, honesty and integrity. License application forms typically require detailed personal information. Based upon the type of license being sought, an applicant may also be required to disclose details regarding previous business relationships, employment history, criminal records, and financial stability.

Generally, the gaming license application process and subsequent investigation is quite burdensome in comparison to the process of obtaining other government-issued licenses. The difficulty of the process is intended to dissuade participation by unsavory people and organized crime.

Recently, in order to simplify the application process, various gaming control boards have collaborated on the design of “multi-jurisdictional” application forms. Persons or vendors who are involved in gaming in multiple jurisdictions may now complete one application form and submit copies to each jurisdiction.

More about casino licensing you can find HERE.

Safety measures against criminal activities in gambling
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