Fiserv, a leading global provider of financial services technology solutions, announced today the introduction of AML Risk Manager for Casinos. This is the newest solution in the Compliance and Fraud Management portfolio from Fiserv and provides risk monitoring and anti-money laundering (AML) compliance intended for the casino industry.
With a clear responsibility to keep financial crime out of gambling, casino operators need to respond quickly to evolving regulatory demands and reevaluate their approach to their AML programs and processes. Many governments have ramped up scrutiny of casinos and are now levying large fines against any that fail to comply. Some announced fines have been as high as US$75 million.
“To operate in the casino industry today, it is essential that organizations implement comprehensive AML compliance solutions to protect themselves and their patrons,” said Tim Grace, senior vice president and general manager, Financial & Risk Management Solutions, Fiserv. “AML Risk Manager for Casinos offers the industry a new generation of money laundering monitoring, reporting and analytics that helps casinos adapt to evolving AML risks and regulations with superior efficiency and insight.”
AML Risk Manager for Casinos offers new predictive analytics and visualization for suspicious activity detection, behavioral profiling of patrons and patron financial activity, the ability to quantify risk mitigation through investigation, and alert and case management. In addition, award-winning configurability means compliance teams are controlling the system and can adjust it to suit their evolving program needs. AML Risk Manager for Casinos can also automatically generate regulatory reports, such as suspicious transaction reports (STRs) and suspicious activity reports (SARs).
Grace added, “With over thirty years’ experience in the financial services sector, Fiserv has the compliance expertise and award-winning solutions that can provide the casino industry with the necessary tools to manage their AML compliance. Regulators and analysts across the globe are familiar with the AML Risk Manager solution from Fiserv and affirm our commitment to ongoing development that keeps the solution current with regulatory demands.”