For years, casinos, susceptible to various security challenges, have been easy marks for money launderers – but thanks to technological advancements, that situation is changing fast.
“Criminals have looked at cash-heavy casinos as ideal targets for money laundering,” said Brett Bunker, Sightline’s Deputy Director of Risk & Compliance. “And the anonymity of cash means money laundering in casinos is always going to be a risk. While FinCEN [Financial Crimes Enforcement Network] regulations have definitely put some necessary safeguards on cash transactions, there remains human error.”
Las Vegas-based Sightline is an industry-leading provider of payments and cashless solutions for more than 70 partners in over 40 U.S. states across the sports betting, lottery, horse racing, and online and brick-and-mortar casino markets, offering a full suite of digital payments and wallet solutions.
Operators go with Sightline’s digital payment solutions to ensure anti-money laundering compliance. Through its expertise in consumer behavior, payments technology and software development, Sightline helps casino resorts and online gaming companies with a single digital payment method across all gaming channels and throughout the entire resort.
“So, thanks to tech advancements from a range of vendors, including us at Sightline, the industry is stepping up its game to fight money laundering and related activities,” Bunker said. “For example, with our digital payments, we have embedded enhanced payment and Know Your Customer (KYC) tools that make it much harder for money launderers to operate. Digital payments bring accountability that doesn’t happen with the anonymity of cash transactions.”
Sightline has teamed up with top-notch vendors to fight off money launderers, helping operators remain compliant, via those tech safeguard payments and customer data, with thorough KYC protocols and smart fraud monitoring tools. These tools come with strong rule sets to catch any fraudulent activity or money laundering attempts.
“Casinos are attractive to money launderers because of the many ways you can move money in and out,” he said. “By mixing illicit funds through different payment sources, they can make it tough to track. That’s why at Sightline, we emphasize using advanced monitoring tools and a strong AML program to keep an eye on transactions and spot suspicious behavior faster so potential criminals are stopped faster.”
Bunker said their engineering teams are always fine-tuning their systems to make them smarter and offer the best experience with minimal hassle.
“We’re all about collaborating with partners to strengthen our defenses industry-wide,” he added. “Staying compliant and investing in the right tools to fight fraud and money laundering is key to a solid AML program.”
So, AML technology is becoming more sophisticated, which is the good news. Money laundering remains a persistent risk, of course. Advancements in that technology, particularly from a diverse array of vendors offering highly developed tools for payments and KYC protocols, are aiding the industry in combatting the issue.
“Casinos present an attractive target for money launderers due to the variety of cash-in and cash-out methods available,” said Bunker. “The process of layering illicit funds through multiple payment sources can complicate detection. Therefore, it is crucial to employ sophisticated monitoring tools and maintain a robust Anti-Money Laundering (AML) program to effectively monitor payments and behaviors.”
Sightline’s technology around AML is constantly evolving and improving to meet the challenges of tomorrow.
“Sightline is committed to continuously enhancing our systems to work more intelligently and provide the best possible user experience with minimal friction,” he said. “We are dedicated to fostering partnerships that unify efforts to protect the industry comprehensively. Compliance with regulations and investment in cutting-edge tools to mitigate fraud and money laundering are fundamental to maintaining an effective AML program.”
