The American Gaming Association estimates that there are over 1,300 card clubs and casinos (commercial and tribal) operating in the U.S., across 42 states, generating over $70 billion in revenue annually. Globally, the casino industry is also booming with recent reports showing an annual revenue of $291 billion.
Despite the extensive vetting processes used by gaming regulators to ascertain the suitability of casino operators, casinos themselves continue to remain vulnerable to money laundering and illicit financing, as casino patrons are vetted with far less scrutiny.
In order to mitigate anti-money laundering (AML) risks and the severe consequences to the organization, casinos must adopt a more pro-active, risk-based approach.
The Financial Crimes Enforcement Network (FinCEN) requires casinos (with a gross annual gaming revenue of more than $1 million) to have a comprehensive, written AML program in place that is “reasonably designed” to assure and monitor compliance with the Bank Secrecy Act (BSA). Additionally, FinCEN’s reporting regulations require that casinos file Customer Transaction Reports (CTRs) and/or Suspicious Activity Reports (SARs).
Ideally and ultimately, casinos must evaluate all patrons and gaming operations with the same scrutiny as finance professionals have, when vetting their prospective clients. By vamping up their KYC (Know Your Customer), BSA and AML compliance solutions, casinos will not only save themselves from time-consuming, auditing-nightmares, but also from crippling financial, civil and criminal penalties, as well as, reputational harm.
globalid.io's seamless and intuitive full-service RegTech Platform is the perfect solution.
Casinos and Gaming companies looking to cultivate a strong culture of compliance, along with accommodating the delivery of regulatory requirements in a more secure, easy, efficient and effective manner, will greatly value globalid.io's unique 4-in-1 Document-Collection Platform.
globalid.io's suite of services is unlike any other in the industry:
Fully Customizable Registration + Document Collection
Identity Verification + KYC Diligence
Background Checks + AML Diligence
Inteli•SPIDER + AI Monitoring
Ongoing Review, Management, Sharing and Storage
Using cutting-edge, biometrics, and patented technology, globalid.io's Full-Service RegTech Platform averts identity fraud, fights illicit crime, avoids security breeches, minimizes labor and costs, and increases revenue; all the while effectively and efficiently meeting the latest regulatory requirements.
Global ID TECH™ is the first document-collection platform to unify real-time, omni-channel, ON•BOARDING™, GLOBAL•KYC™, BIOMETRIC•AML™, and INTELI•CRM™; all under 1 WHITE-LABEL FRAMEWORK.