Gaming industry held to stringent compliance requirements
Federal and state regulators are pushing hard to ensure that Gaming companies comply with the Bank Secrecy Act (BSA) and follow other Gaming regulations. LexisNexis® Risk Solutiions offers a suite of solutions to help your organization:
Strengthen Title 31 | AML compliance
Casinos are subject to stringent AML compliance requirements imposed by BSA and Gaming-specific regulations. Building a robust Title 31 compliance program is a complex undertaking - LexisNexis Risk Solutions simplifies the process.
A cornerstone of AML compliance is Know Your Customer (KYC), which requires that businesses verify the identity of their customers. LexisNexis® TrueID® speeds up this process for land-based casinos by scanning and authenticating identity documents (such as driver’s license and passport) against a library of thousands of ID templates from approximately 200 countries. TrueID® can also capture player information and connect seamlessly to other verification and authentication tools for full identity proofing. In the iGaming environment, Instant Verify helps support non-documentary verification by checking player-provided identity information against its vast database of domestic and international public records.
Casinos must also conduct due diligence to ensure they are not doing business with players representing AML compliance risks. This means casinos must screen against a number of constantly evolving watch lists, criminal history databases, Politically Exposed Persons (PEP) lists, adverse media and more. Many casinos cater to international travelers, which further complicates the task because reliable international data is hard to come by. LexisNexis offers robust due diligence AML tools such as Bridger Insight® XG, powered by the unmatched watch list content of WorldCompliance™ Data permitting casinos to stay on top of the ever-changing compliance landscape. LexisNexis can also compile comprehensive due diligence reports on domestic and international players with Business Assurance Reports (BAR).
Derogatory data can change daily, making AML due diligence a critical ongoing activity. Many casinos are not taking adequate steps to guard against these risks; a rescreen of a typical casino loyalty database would likely reveal thousands of red flags, many of which represent serious compliance risks. LexisNexis Bridger Insight XG and WorldCompliance help simplify the overwhelming task of continuous screening by automatically monitoring your customer loyalty database against various red flags. Further, LexisNexis can provide remediation services to significantly reduce your workload by identifying and closing false alarms so your team can focus on a reduced list of alerts that represent real risks to your business.
In the event of an audit, you can feel confident knowing Bridger Insight XG maintains a log of due diligence activities to show regulators that your team has taken the necessary steps to meet regulatory compliance requirements.
Comply with iGaming regulations
Generating $30 - $35 billion globally, iGaming presents ample new revenue opportunities for Gaming operators. But operating in online and mobile channels also imposes unique compliance and identity verification challenges. For instance, existing state regulations require iGaming operators to verify a player’s name, address, date of birth, SSN and other attributes when they open a new account. Further, some states require licensure of the companies that perform these verifications.
LexisNexis is uniquely qualified to help iGaming operators meet Know Your Customer (KYC) requirements, prevent underage gambling through robust age verification, and perform other checks prescribed by federal and state regulators. Our solutions help operators quickly and confidently enroll qualified players and guard against the unique risks posed by transacting via the Internet. For example, LexisNexis provides products such as One-Time Passwords (OTP), Knowledge-Based Authentication (KBA), Biometrics and other leading-edge technology that prevents unauthorized account access while accommodating the unique workflows of iGaming operators.
Perform due diligence and regularly re-screen your vendors
Doing business with the wrong companies can jeopardize your Gaming license, but ever-changing sanctions, compliance and anti-bribery requirements make regulations difficult to navigate. LexisNexis’ industry-leading screening technologies, unmatched watch list data—including robust international data—and other advanced solutions can help streamline vendor due diligence while ensuring full adherence to complex federal and state regulations. Our tools:
- Enhance AML compliance and help you confirm that vendors are not connected to organized crime or sanctioned entities
- Create efficiency to drive compliance costs down, increase operational capacity and reduce cycle times
- Allow you to automatically monitor your vendor database against various watch lists, negative news and other red flags
- Let you grow your business while protecting your organization from regulatory risk