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Malta Business Review iGAMING THE 4 BIGGEST AML D4 RISKS FOR iGAMING COMPANIES Last June’s introduction of EU Directive 2015/849, better known as the 4th Anti-money Laundering directive (AML D4), brought about a sea change in the way iGaming companies treat risk – and it's vital that compliance professionals bring themselves up to speed. Failure to adequately comply with AML regulations could result in regulatory penalties, bad press, and a massive loss of consumer trust. Whilst all the items on the AML D4 list are important, here’s a list of the 4 biggest risk factors that compliance teams have to manage. 1. PEPS AS OWNERS, BENEFICIAL OWNERS, OR PEOPLE OF SIGNIFICANT CONTROL One of the AML D4 risk guidelines warns that when compliance professionals are contemplating their involvement with a company, they should be on the lookout for any possible associations that the proposed client or business partner might have with politically exposed persons (PEPs). Finding out if the company itself, its owners, directors, or persons of significant control (PSCs) are PEPs is crucial. 2. CASH-RICH INDUSTRIES Under the AML D4 guidelines, companies should avoid becoming involved with businesses that have links to sectors that involve significant amounts of cash and/or their beneficial owners. It’s important to understand that cash is hard to trace and is therefore favoured by money launderers. Cash transactions are one of the simplest methods to transform ill-gotten gains into money that appears above-board. 3. BUSINESS INTERESTS OR DEALINGS IN CERTAIN HIGH-RISK SECTORS The AML D4 guidelines stratify corruption risk levels according to certain economic sectors. As far as the assessment and avoidance of risk is concerned, under the AML D4 guidelines, not all industries are equal. iGaming companies are advised to ensure that they have solid due diligence procedures in place to ensure they are aware of the sectors in which any potential partners or customers operate. 4. ADVERSE MEDIA REPORTS FROM CREDIBLE NEWS OUTLETS The AML D4 guidelines suggest keeping an eye out for negative stories about potential business partners or customers in news items which include allegations of criminality or terrorism, whether proven or not. Likewise, if any company or its beneficial owner, or anyone significantly associated with the company is reported to have been subject to an asset freeze due to criminal proceedings or allegations of terrorism or terrorist financing, should set alarm bells ringing for compliance professionals AML D4 TRANSACTION MONITORING Learn how AXON enables you to automate and optimise your regulatory and compliance functions by tracking and reporting on critical data in real-time. This provides a major benefit in time saving, versus a manual process where you are limited to performing individual checks on each data source. <strong>MBR</strong> Website: https://www.computimesoftware.com/axon-gaming/ Email us: info@computimesoftware.com or call us +356 2149 0700. All rights reserved - Copyright 2018 32
Don’t get caught with your pants down! Let AXON drive your AML D4 compliance Real-time alerts based on fraudulent activity Create rules to monitor complex pattern identifiers Automate transaction monitoring Facilitate KYC processes www.computimesoftware.com/axon-gaming +356 2149 0700 info@computimesoftware.com
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