AML for gaming facilities case study
Recreational facilities, like casinos, attract hundreds of thousands of customers a year from all over the world. These businesses are subject to rigorous compliance obligations across their diverse operations which often include restaurants, bars, hotels, theatres, convention centres, and casinos.
The gaming side of these businesses, in particular, is subject to extensive controls covering customer screening and transaction monitoring. In order to comply with these requirements organisations need to implement anti-money laundering tools that assist compliance teams in detecting suspicious activities.
Jade Financial Crime has delivered immediate results for compliance teams throughout the industry. Two instances where this software assisted organisations in identifying suspicious clients that would not have otherwise been possible are as follows:
The first case involved a new customer who was screened by Jade Financial Crime software. The screening results revealed that the customer was using an alias and was wanted in an offshore jurisdiction for allegedly committing fraud offences. The software was able to show that the customer and the wanted individual were likely to be the same person, because it could match known aliases via dates of birth and pictures of the suspect.
The second case involved a longstanding customer. The customer was screened by Jade Financial Crime and the results revealed the customer’s name, date of birth, and picture were a match for an individual who had been charged with a bribery offence abroad and had fled that country prior to trial.
The alerts generated by Jade Financial Crime in both instances meant that the group was able to demonstrate compliance with anti-money laundering obligations, give law enforcement valuable intelligence, and provide its management with a better understanding of their regulatory compliance risks.
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