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Clubs and pubs are under pressure to ensure their financial crime compliance programs are effective and auditable. The CEO of AUSTRAC has openly expressed his concerns about the money laundering risks associated with clubs and pubs, and since his appointment last year, the regulator has already taken enforcement action against non-compliant venues.
The trouble is, compliance tech was built for banks, and even then, the vast majority of solutions only streamline individual parts of a complete financial crime program. Building and operating a compliance program using tech available today requires multiple solutions, integration projects and ongoing fees. And that’s just purchasing the tech, operating it every day is even more complex.
One of the key challenges for clubs is automating the highly manual process of monitoring transactions. The challenge lies in the definition of a transaction. Most compliance tech considers a transaction as the movement of value from one account to another. That’s fine for a bank, but it’s not as simple when it comes to someone playing an electronic gaming machine.
The industry needs a solution that understands carded and uncarded gaming sessions, something that can consume both observational and gaming system data, then triangulate all of it back to a single, secure list of members and visitors who’ve been identified and screened against the latest watchlists. Imagine automating live, real-time risk ratings for individual members and visitors.
It’s a solution Cherryhub has partnered with BNDRY to build, using technology proven in the global financial services sector, adapted specifically to meet the needs of clubs and pubs. It’s a game changer, if you’ll pardon the pun.
Available through Cherrycheck and connected to gaming systems, the solution is a single compliance hub that integrates directly into the operational environment of clubs and pubs, enabling capture and storage of member and visitor data, real-time notifications, suspicious activity reporting and much more.
There is a serious focus on gaming compliance and regulation, and there’s more functionality on the way.
BNDRY built a secure and encrypted platform that helps their financial institution customers manage their financial crime risks. This capability is being leveraged with Cherryhub’s deep industry knowledge and access to gaming system data to automate the following key requirements of the AML/CTF Act:
1. Know your members and visitors, and know your staff.
2. Assign dynamic member and visitor risk ratings.