Casinos and Gaming
Due diligence with identity verification and sanctions screening, transaction monitoring and regulatory reporting for casinos and gaming establishments
Don’t gamble with AML Compliance
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:
- Real-time due diligence, including identity verification
- Transaction monitoring and screening
- Sanctions screening
- Automated regulatory reporting
- Advanced analytics like anomaly detection and machine learning
- Dashboards, workflows and case management
Features & Benefits
Due Diligence
Identity verification in real time that reduces risk and patron rejection rate
Transaction Screening
Monitor all transactions to intercept suspicious activities for investigation
Sanctions Screening
Real-time and periodic screening to detect high-risk entities and activities
Regulatory Reporting
Automated creation, validation and e-filing of SARs, CTRs, STRs for various jurisdictions
Risk Scoring
Realistic assessment of risks based on entity profile and activity that is configurable
Investigation Tools
Workflows and case management that engages the entire organization in compliance
Validate identity of patrons
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.
Risk scoring you can control
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.
Machine learning and analytics
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.
Eliminate tedious regulatory reporting
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.
RELEVANT SOLUTIONS
AML Compliance
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.
Sanctions Screening
Screen individuals and entities in real-time during on-boarding, periodically or in batches.
Transaction Monitoring
Screen transactions in real time, periodically or by specific events.
Threats to watch for
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.