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Is gambling a high risk business?

Casinos and betting companies offer the opportunity of high stakes and winnings, meaning they run an extra high risk of being used in money laundering activities.

roaring.io - Guide: Anti-Money Laundering in Gambling - roaring.io

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KYC - Knowing Your Customer

KYC stands for Knowing Your Customer and is an important part of the work to counter money laundering and/or terrorist financing. All businesses in the gambling industry must attain good customer knowledge to comply with the requirements of the Money Laundering Act. The KYC-process includes measures to verify the customer's identity and data needed to analyze and assess risk of money laundering in the relationship. The betting company must continuously monitor the customer's activities and transactions throughout the business relationship. This monitoring is based on and adapted to the customer's risk classification, where high-risk customers require more accurate monitoring and in-depth analysis of behavior. A betting company may only accept customers where sufficient customer knowledge can be achieved, and if sufficient customer knowledge cannot be achieved for an existing customer, the business relationship must be terminated.

PEP - Politically Exposed Person

Gambling companies must check whether their customer is PEP, or a politically exposed person. A person in a politically exposed position refers to a person who currently has - or previously had - an important public function in a country, for example heads of state or government, ministers or judges of the Supreme Court. A person in a politically exposed position also includes a person who has or had a function in the management of an international organization. If a customer is to be regarded as a person in a politically exposed position - or is closely related to one - the gambling company must, in addition to the basic requirements for customer knowledge, take stricter measures. This is to prevent corruption, among other things.

Beneficial Owner

Is your customer a beneficial owner in a company? In the case of a customer being involved as an owner of a business, the risk of money laundering is potentially greater. Therefore checking for status as a beneficial owner should be checked, when reviewing both new and existing customers.

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