Casinos and Gaming
Due diligence with identity verification and sanctions screening, transaction monitoring and regulatory reporting for casinos and gaming establishments
Due diligence with identity verification and sanctions screening, transaction monitoring and regulatory reporting for casinos and gaming establishments
Like traditional financial institutions, casinos and gaming establishments are required to comply with anti-money laundering (AML) regulations. However, the diversity of the patrons along with the frequency and volume of transactions — much of it cash-based — makes maintaining and evolving AML programs a challenge.
Alessa offers casinos and gaming establishments a comprehensive solution for AML compliance and fraud detection.
A full list of capabilities within Alessa include:
Identity verification in real time that reduces risk and patron rejection rate
Monitor all transactions to intercept suspicious activities for investigation
Real-time and periodic screening to detect high-risk entities and activities
Automated creation, validation and e-filing of SARs, CTRs, STRs for various jurisdictions
Realistic assessment of risks based on entity profile and activity that is configurable
Workflows and case management that engages the entire organization in compliance
Our solution includes APIs for integration with onboarding systems to verify identities and search sanctions, politically exposed persons (PEPs), OFAC, and proprietary lists in real time. Use this information to update risk profiles and scores to determine the risk associated with a patron.
Alessa leverages data from various sources to create a risk score. Risk factors, weights, scores, aggregates are all configurable by the organization to match their risk appetite and tolerance. Periodic reviews are managed by workflows and scores are updated based on the entities’ activities.
By learning from historical data, Alessa is able to detect suspicious deviations from normal behavior. Anomaly detection is also combined with rules-based analytics and entity risk scores to reduce false positives and prioritize investigations.
Alessa offers automated regulatory reporting for currency transaction reports (CTRs), suspicious activity reports (SARs) and suspicious transaction reports (STRs). Reports are auto-populated, validated and electronically submitted to the regulator across multiple jurisdictions including FinCEN and FINTRAC. Reporting to goAML is also supported.
Alessa integrates with existing systems to detect suspicious activities, automate processes, reduce false-positives, decrease repetitive tasks and engage the entire organization in a culture of compliance.
Screen individuals and entities in real-time during on-boarding, periodically or in batches.
Screen transactions in real time, periodically or by specific events.
Under the Bank Secrecy Act (BSA), casinos are required to complete regulatory reports should a number of scenarios occur. Examples include the following:
Structuring
Money laundering
Suspicious activity
The above list represents just some of the scenarios that casinos need to monitor. As bad actors find new ways to launder money and new technology and payment methods emerge, this list grows exponentially and the scenarios become more complex.