AML & KYC for iGaming: Staying Compliant and Safe

by Tamas Kadar
Looking for an online solution to support you with compliance for AML (anti-money laundering) and CFT (Countering the Financing of Terrorism)?
We’ve listed 14 of the most popular AML software, as well as tools that can help with AML, including pros and cons, unique features, and pricing.
Some of them will help you fulfill your legal obligations, while others can drastically reduce your AML costs and improve the workflow. Read on to find them all.
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Anti-money laundering (AML) software is designed to help companies meet legal requirements to combat financial crime.
Important features include the ability to monitor transactions, report currency transactions (CTR), customer identification, and compliance management.
Anti-money laundering requires specific tools and features. These include:
Disclaimer: Everything in this article was gleaned from online research and user reviews. We did not manually test the tools. However, we ensured the information was correct as of Q1 2022. Feel free to get in touch to request an update or correction.
Created by fraud managers, for fraud managers, SEON is increasingly popular as a compliance aid in the context of fintech, payments and iGaming – especially thanks to its digital footprint detection capabilities.
In short, it can help you tell whether a customer is lying about their identity by examining alternative data such as their social media profiles, without introducing any friction into the process.
While not an AML compliance platform, SEON offers features that can assist companies in their AML efforts.
These include integrations with other tools to be alerted of suspicious transactions and custom rules to give you complete flexibility over the flagging settings. By setting these up in a way that works for you, with the aid of our Customer Success team or on your own, you can greatly boost your AML efforts.
A leader in digital decisioning platforms, Actico offers a complete suite that’s used for fraud prevention, dynamic pricing, underwriting, claims management, and, of course, compliance. Notable customers include Santander, ING and Volkswagen Financial Services, among others.
The compliance tools specifically designed include an anti-money laundering module, named MLDS (Money Laundering Detection System).
The module supports the management of relevant customer information, transaction monitoring and risk classification. It allows you to run data through risk rules which can help you concentrate on high-risk transactions.
AMLCheck is a Madrid-based company specializing in manual and automatic checks of user data against sanctions and PEP lists. The lists are provided by their key partner, Dow Jones Risk & Compliance, and updated regularly. You can also check against other public lists and any private list you have access to.
You can also run the same data through risk scores as part of a KYC process, based on the 4th EU Anti-Money Laundering and Terrorist Financing Directive. Their clients include a number of Spanish companies in finance, real estate, insurance, luxury goods trade, and even iGaming.
ComplyAdvantage’s main goal is to make compliance less painful. A relative newcomer on the risk tech scene, the company was born out of the frustration of trying to integrate legacy AML software easily. (Charles Delingpole, one of the company’s founders, joined SEON’s Series A round.)
Its key features include customer screening and monitoring, transaction screening, transaction monitoring, and even adverse information and media checks based on the FATF recommendations (Financial Action Task Force).
Since 1982, Dow Jones has made it its mission to ensure that high-quality and well-maintained data powers its screening engine, especially when it comes to workflows related to AML and counter-terrorism financing.
With Dow Jones, you get comprehensive risk screening including PEP sanctions, high-risk industries, enhanced due diligence reports, and ongoing monitoring to ensure your data is always up to date.
A market leader in reducing financial crime for FIs, fintechs, processors and merchants, Feedzai supports all the features you need to reduce fraud and to comply with AML requirements.
You can deploy a full fraud management and reporting platform, as well as standard and self-service rules and scenarios designed specifically for AML checks. Feedzai lets you include 3rd party integrations, as well as pre-built SAR filings to accelerate your reporting to the right agencies.
In the UK, AML sanctions lists are regulated by OFSI, The Office of Financial Sanctions Implementation, a division of HM Treasury (a.k.a HMT). The good news is that you can check their list to ensure AML compliance with regard to the UK’s domestic counterterrorism regime policy. Also worth noting: it includes lists from the United Nations and the EU.
At the time of writing, there are 26 HMT financial sanctions regimes, and you should do your best to ensure you do not make business deals with them – lest you want to pay fines up to £1 million (or 50% of the breach).
It’s completely free to browse the list.
iComply, which also goes by the name iComplyKYC, is a digital compliance administrator designed to reduce AML spend, accelerate processing and lower data privacy risk.
Integration is via KYC portals, which are JavaScript code snippets you can add to any website or mobile app. All the data is managed via dashboards, and you can manage your KYC or AML workflows to adapt them to your jurisdiction.
When it comes to AML screening, you can check the data against 150M data sources, including sanctions and watchlists, PEP and adverse media.
Acuris Risk Intelligence is one of the world’s largest intelligence databases, and one of the top suppliers of PEP, AML and sanctions data. So it would make sense that they would develop an AML-specific solution, which is exactly how their partnership with MemberCheck came to be.
How do you make use of that database? Well, MemberCheck is cloud-based and you can use it either via a batch update or via API calls. There are a handful of user roles that allow you to scan members of your organization or customer lists against the database to know if they appear on selected watchlists.
OFAC, a division of the US Department of the Treasury, ensures organizations are not conducting business with people or entities located in sanctioned or embargoed countries.
Failing to comply with OFAC sanctions checks could expose your organization to fines and penalties – including convictions and jail time.
It’s free. You can search it here.
Ondato is an expert in photo and live video identity verification, which overlaps with data monitoring, screening, risk scoring, due diligence and case management. On paper, that’s everything you need to mitigate risk and improve KYC and AML compliance.
How it works is rather impressive, as the whole onboarding process takes care of document verification, personal ID checks and, of course, PEP and sanctions check at the same time. Best of all, you can deploy Ondato seamlessly as your own portal thanks to their white label option.
Refinitiv World-Check Risk Intelligence is a complete AML solution that covers all the aspects of managing compliance in regulated markets. As a world leader in AML software, the company prides itself on providing accurate, precise details of the violations or sanctions of specific individuals or entities.
You’ll get complete PEP screening, sanctioned lists, global regulatory and law enforcement lists, negative media checks, and more – all packaged in a well-designed interface optimized for ease of use, whether you’re in Risk and Compliance, Investment Banking, or Asset Management.
SumSub is designed to help you enhance your risk mitigation strategy – especially when it comes to observing compliance guidelines. To do so, the company relies on powerful tools to check databases along with 5M articles in 200 countries for adverse media coverage.
Their key clients include Hyundai, BlaBlaCar and Flippa, among others. As for features, it offers all the document verification, watchlists, PEPs and adverse media checks you need. Their unique selling point is probably that they combine it with legal advice, provided by their team of fintech, regtech and compliance experts.
Token of Trust aims to provide a turnkey solution to improve compliance relating to AML and KYC. It also doubles as a powerful identity verification tool and offers background screening information for manual reviews.
While the company is headquartered in the US, many reviewers commented on how well the solution worked for compliance in other markets, especially the UK and EU. In terms of features, you’ll get age verification along with PEP and sanctions cross-checks, and all the tools you need to meet complete customer due diligence requirements.
AML is heavily regulated. Here are the checks you should ensure you perform:
There is no shortage of third-party options for companies who want to improve their compliance process.
Hopefully, this list will be a good primer on the topic as it covers a wide range of solutions, from those dedicated to helping financial institutions to supplementary ones helping you along the way.
See our tool in action to see how we can help support and enrich your data to make better decisions.
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Historically, only financial institutions needed to check their users against anti-money laundering lists. However, there are increasing government regulations related to AML in real estate, iGaming, fintech, and crypto trading, among other verticals.
Your AML software should be able to verify documents, monitor transactions, and check user data against specific watchlists. You should also be able to include a whitelist to allow specific users.
AML software automatically checks user data against specific watchlists. That includes people who live in sanctioned countries, politically exposed persons (PEPs) and people with poor online reputations (adverse media). The software also needs to check for transactions, especially high-volume ones, so that you may flag and review them manually.
All AML software companies have different pricing based on the number of checks you need to perform. You should also consider whether the integration is included in the price.
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Tamas is the founder and CEO of SEON and an expert in all the technological aspects of fraud prevention.
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