Preventing money laundering via online casinos and gambling platforms
By law, banks and other financial institutions must comply with anti-money laundering (AML) requirements. Gambling establishments are also considered as financial institutions. As online casinos and lotteries deal with huge amounts of money by collecting, transferring, and paying out money, they must also comply with AML regulations.
Online gambling offers many opportunities to launder money. Once money is paid out, it is then given legal status. Therefore, gambling sites must take steps to both fully identify users and in turn, prevent money launderers from using gambling applications as a way to conceal the source of their funding.
AML programs include different disciplines, with most of them following the “Know your Customer” principle, which includes:
- Customer Due Diligence (CDD)
- Customer screening and monitoring
- Identity verification processes
- Reporting and observation of suspicious activities
- Document Verification
Utimaco supports verification processes with Public Key Infrastructure and document verification via the issuance and verification of qualified electronic signatures. In addition, various cybersecurity solutions for the collection and protection of sensitive user data are also available.
Applications for fulfilling anti-money laundering requirements
Identity and Access Management
Efficiently protects devices and data against unauthorized access. This is crucial to ensure security and compliance in today’s environment. Identity and Access Management provides significant benefits in terms of security, transparency, and manageability.
Qualified Electronic Signatures
Reliably identifies the signer and protects the document against tampering or forgery, Qualified Electronic Signatures are regarded as the most secure method to digitally prove a subject's identification and acceptance of the content of a document.
Secure data processing
Enables business processes without revealing business secrets or violating data privacy rights.
Code Signing
With code signing, organizations can prove that their software is trustworthy and end users can, in turn, verify the authenticity of files and program code.
Secure data storage
Data is generated, processed, and stored at various places in the organization. With consequent data encryption, this data remains protected at all layers of the data ecosystem.
