On Monday November 25th, Ophion joined forces with the formidable We Fight Fraud experts Tony Sales and Andy Macdonald for the latest episode in their ‘WFF Presents’ series – WFF Presents: Doubling Down – Exploring the Relationship Between Money Laundering and Criminal Lifestyle Spend in the Gambling Industry.
The session explored –
- The definition of Criminal Lifestyle Spend and the concept of the ‘criminal taint’ when evaluating the source of customer funds for gambling
- How increased exploitable opportunities for Casino Facilitation Money Laundering in non-remote casino environments impacts Criminal Lifestyle Spending volumes
- Issues, difficulties and strategies for detection for identifying Criminal Lifestyle Spending in the absence of Casino Facilitation Money Laundering red flags and identifiers
- How of Casino Facilitation Money Launderers and mules can employ structuring techniques, weaponise advancements in technology, and implement Criminal Lifestyle Spend to make suspicious gambling transactions appear anomalous
- How Criminal Lifestyle Spend and Money Laundering can be quantified and qualified to the Board to provide a holistic picture of regulatory and legal financial crime risks
- Consideration points for gambling industry Nominated Officers, MLROs, and other AML professionals with regards to Criminal Lifestyle Spending activity when developing Risk Assessment methodologies, Policies, Procedures, role-specific training programmes for 1LOD employees, and the reinforcement of the AML control framework.
If you’re a B2C gambling operator and are interested to discover more about how you may be exposed to Criminal Lifestyle Spend (pursuant to the MLR 2017 and POCA 2002), the regulatory expectations with regards to operator facilitation Money Laundering and CLS risk management, and how you can empower employees to protect your operation against ML and CLS risks with engaging and immersive training development, get in touch with Ophion now.
Our consultants are longstanding UKGC PML holders (SMF17 equivalent), with decades of practitioner experience in the gambling industry, providing you with the assurance and confidence in the face of ever-evolving Money Laundering, Terrorist Financing, Fraud, and FinCrime threats.
If you are interested in incorporating the role-specific AML, CTF, and CLS themes from this webinar as a module of your corporate AML Training Programme, find out more about Ophion Limitless Lab here.
To view the WFF Presents: Doubling Down – Exploring the Relationship Between Money Laundering and Criminal Lifestyle Spend in the Gambling Industry webinar, join the We Fight Fraud Community here.