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Gambling sector deemed the industry most at risk of money laundering, new research from LexisNexis Risk Solutions reveals

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1 in 3 (33.3%) anti-money laundering (AML) professionals in the gambling industry believe that their sector is at the highest risk of money laundering, according to a new report from global analytics provider LexisNexis® Risk Solutions. This opinion is shared by 41.9% of professionals in other regulated industries surveyed, who flagged the gambling sector as one of the top three industries most at risk of money laundering.

The report – On the Frontline: The UK’s Fight Against Money Laundering – is based on research conducted by the Economist Intelligence Unit and points to the risk potentially being caused by an internal culture of complacency. Almost 40% (39.2%) of AML professionals in the sector identified complacency as the biggest internal barrier to fighting money laundering. This, coupled with the fact that the same number (39.2%) think UK money laundering regulations are only “somewhat effective” points to a potential financial crime storm ahead for the gambling sector.

The Gambling Commission is acutely aware of the challenge, and in its 2018/19 Enforcement Report noted that it had investigated ‘a number of online casino operators’ found to have breached conditions related to the AML portions of their licences. During the past financial year, the watchdog issued a record £19.6m in penalties against firms who failed to stop money laundering or meet social responsibility obligations, and has warned of further ‘draconian’ actions for those operators who fail to learn lessons from these fines.

Even with this ramping up of enforcement actions, over 40% (41.2%) of respondents believe that the anti-money laundering regulations that they have to comply with are disproportionate to the money laundering threat that they actually face.

Despite a culture of complacency and lack of confidence in the AML regime, gambling firms are pouring money into AML compliance, with a vast majority (82.3%) stating their compliance budgets have increased over the last two years – more so than any other sector surveyed in the report.

A majority of this budget is being allocated to technology aimed at tackling the problem, the research revealed. Over 40% (41.7%) of AML compliance budgets is dedicated to technology at the moment, with over three quarters of respondents (78.4%) expecting funding for technology to increase further over the next five years.

Michael Harris, Director of Financial Crime Compliance and Reputational Risk at LexisNexis® Risk Solutions says:

“The threat money laundering poses to the gambling sector is very real, and this fact is clearly recognised by those working within it too.

The industry needs to take urgent steps to address this growing threat by ensuring that customer due diligence checks are conducted before allowing any gambling activity to begin, and, given the rise in online gambling, should consider embracing digital know your customer (KYC) technologies.

This, along with training teams dealing with customers on the frontline to spot money laundering red flags and adopt a risk-based approach, gives gambling operators the best chance of fighting financial crime and meeting their legal obligations.”

 

About LexisNexis® Risk Solutions

LexisNexis® Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. We provide data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information and analytics for professional and business customers across industries. For more information, please visit risk.lexisnexis.co.uk, and www.relx.com.

Source: Latest News at European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Gambling sector deemed the industry most at risk of money laundering, new research from LexisNexis Risk Solutions reveals

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Metric Gaming provides Sportsbook to ManiSol Gaming

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Metric Gaming confirms sportsbook launch for InAndOutBet.com, ManiSol Gaming’s Northern European focussed Pay N Play® casino and sports betting brand.

Through a 2019 partnership with Together Gaming, InAndOutBet.com’s customers benefit from some of the best casino game and content providers in the industry with the convenience of instant, hassle-free deposits and withdrawals. Metric’s modern sportsbook proposition is an exciting addition to a brand that is looking to do things differently.

Speaking about the successful launch, Metric Gaming’s CEO Martin de Knijff said:

“We have been impressed by the whole ManiSol team from the start. We are excited about the potential of InAndOutBet and grateful for the trust ManiSol have shown in us and our product to deliver an important vertical for their growth plans.

This launch, our first full sportsbook, is a significant milestone for Metric and we are eager to showcase our unique capabilities. InAndOutBet will benefit from a best-in-class sportsbook proposition that will be fully localised in each country the brand operates, with negligible incremental costs for each new configuration.

Crucially, this includes pricing autonomy for every market, every selection on the sportsbook. This is so important for international brands these days due to the conflicting taxation rules introduced internationally. This will be a significant competitive advantage over their rivals, and we’re excited to have the opportunity to contribute to ManiSol’s success.”

Erik Gilstring, COO at ManiSol Gaming added:

“At first, we were unsure of using an untested sportsbook product. However, once we met the team at Metric and saw the capabilities of their products, we were excited to have access to this new technology.

We are confident we have secured the most modern sports betting product available on the market for our customers and are pleased to have added another high quality, innovative vertical to our growing brand.”

Metric Gaming is licensed and regulated by the UK Gambling Commission and holds a Class 4 Gaming Licence from Malta’s Gaming Authority.

For more information please visit www.metricgaming.com

Source: Latest News at European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Metric Gaming provides Sportsbook to ManiSol Gaming

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Prague Gaming Summit 2020 moderator profile: Zlatan Omerspahić (Head of Legal and Compliance, Data Protection Officer at NSoft) 

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The 4th edition of the Prague Gaming Summit will take place on 6 March 2020 and welcomes leading operators, service providers and gambling industry experts from all across Europe.

 

On the 6th of March at the Prague Gaming Summit, you have the opportunity to dive into several subjects, among which also the Gambling And Casino Games Via Social Media And Online Technologies (Large Room: Opal, Topaz, Quartz)”.

As mentioned in earlier press releases, will bring a brand new format of speeches and more trending themes as it did in the early years.

Among the leading experts that will share their latest information, you have the opportunity to hear more about the sports betting industry from Zlatan Omerspahić – NSoft, who will also be moderating the panel.

Zlatan Omerspahić has a Ph.D. in Commercial law, Corporate governance, Contract law, Regulatory issues and is currently serving the role of Data Protection Officer at NSoft.

He has graduated the Faculty of Law at the University of Zenica and has held several compliance-related roles at Sberbank and Hypo Alpe-Adria-Bank.

He is responsible, loyal, dedicated and eager to learn about innovative things.

Just recently, Zlatan has been shortlisted at the Global Regulatory Awards 2019 in the category: Data Protection Officer or Team of the year.

 Do not miss this unique opportunity to learn and networking with the leaders of the industry.

Order your Delegate Pass or VIP Package (Delegate Pass +Accommodation) now!

Here is a testimonial that has been left by Tal Zamstein, one of the attending delegates of the 2019 edition of Prague Gaming Summit:

It was great to have the operators and suppliers with the presence in the CEE territories under one roof. It is always very useful to discover the challenges and see the trends of the industry in the newly regulated markets.

Tal Zamstein

Group Head of Gaming at Fortuna Group

Source: Latest News at European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Prague Gaming Summit 2020 moderator profile: Zlatan Omerspahić (Head of Legal and Compliance, Data Protection Officer at NSoft) 

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1xBet becomes the title partner of NAVI

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1xBet, one of the leading betting platforms in the world, became the title partner of our esports club. The cooperation agreement is expected to last for 1 year and will be valid until December 31, 2020.

If I had only recently been told that NAVI would work with 1xBet, one of the largest betting companies in the world, a partner of such an iconic club as FC Barcelona is, ​​I would not believe it. Now it has become a reality and the partnership between Natus Vincere and 1xBet inspires us incredibly. Welcome to #navination! – said, Yevhen Zolotarov, CEO Natus Vincere.

The agreement provides 1xBet support for NAVI teams in various esports disciplines. We plan to create a number of powerful marketing activities and campaigns with 1xBet for our fans.

1xBet is an international gaming betting company with over 12 years of experience in the industry and has offices in Europe, Asia, Africa and Latin America. Previously, the company entered into agreements with a number of well-known organizations, including the Spanish La Liga, the Italian Serie A, and the FC Barcelona.

Source: Latest News at European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: 1xBet becomes the title partner of NAVI

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