BET99 is using new purpose-built technology to improve its anti-money laundering (AML) operations in the Ontario market.
It’s been a challenge for companies to operationalize AML compliance programs without modern software. In regulated igaming markets, there are strict compliance requirements to prevent money laundering, not to mention the legal consequences and the negative publicity, and the loss of trust from customers, industry stakeholders, and regulators caused by money-laundering activities.
In Ontario’s case, operators must adhere to strict compliance standards under iGO operating agreements with the province’s regulator, the Alcohol and Gaming Commission of Ontario (AGCO).
According to a spokesperson from Kinectify, there hasn’t been purpose-built technolgy for AML, with increases in fines in the industry as operators struggle to comply. Last week, MGM Grand and The Cosmopolitan of Las Vegas were ordered to $7.45 million after a former executive pleaded guilty in a money-laundering probe.
“We’re seeing a massive increase in fines over the past three years,” said Sean Topchi, Kinectify’s Director, Business Development.
BET99 has employed Kinectify’s AML module to streamline operations, enabling the company to decrease time spent on transaction monitoring by 75 percent, using software previously unavailable to igaming operators in Ontario.
“Kinectify’s monitoring platform has become a key part of our compliance program, allowing us to identify potential suspicious activity quickly and efficiently and minimize risk to our business,” Jared Beber, CEO of BET99, said in a statement. “BET99’s engagement with Kinectify reinforces our AML and risk management programs and provides us with the cutting-edge technology necessary to remain compliant and competitive in the current Ontario market.”
With the technology, users can immediately detect suspicious activity, minimizing manual processes and false positives.
Specifically, BET99 has reduced alert disposition time from 12.59 minutes to 3.19 minutes per alert. The industry average is in the range of 60 to 90 minutes per alert.
