The regulation requires companies to identify, investigate and report suspicious activities to the Financial Activities Control Council (Coaf), which can be a time-consuming and complex task when performed manually.
Reporting to Coaf as a compliance rule in the AML
Among the obligations highlighted by the ordinance, the need to identify signs of atypical activities and report them to Coaf in detail stands out.
To meet this demand, therefore, it is essential that bookmakers implement a robust due diligence system, in addition to continuously monitoring player movements.
More clearly, some of the signs of money laundering require a level of detail that, without an automated tool, becomes difficult to achieve:
* Incompatibility between the user's presumed income and the deposits made
* Fractional or irregular financial transactions
* Withdrawals from a bank other than the one used for the deposit
* Participation in social benefit programs, such as Emergency Aid or Bolsa Família, in addition to atypical betting activities
With regulations requiring a high level of detail, manual processes end up becoming an obstacle for compliance teams, overloading them with extensive and time-consuming reports.
How to automate the AML process in full compliance?
To reduce operational risks and improve efficiency in preventing money laundering, it is essential to have an automated system that facilitates the generation of reports to Coaf, which must include:
1. Use of a standard model for reporting to Coaf
Creating a standardized reporting model for Coaf is one of the best ways to streamline the process, as long as it includes:
* User registration information: name, CPF and occupation.
* Queries made: history of legal proceedings and participation in social benefits.
* Financial transactions: deposits, withdrawals and bets made.
* Analytical conclusion: report with the analyst's decision, explaining the reason for reporting to Coaf.
2. Monitoring transactions based on customizable rules
The system should allow for the customization of monitoring rules, adjusting parameters such as:
* Deposit limit in relation to presumed income: if a user deposits more than their financial capacity, an alert is generated.
* Analysis of suspicious transactions: atypical movements, such as large deposits followed by minimum bets, should be detected automatically.
3. Automatic alert generation
Based on the defined rules, the system must be able to generate automatic alerts in real time whenever there is an indication of suspicious activity, defining the level of flag applied.
4. Persistent risk history
Centralizing all risk information in a single location facilitates the analysis of past cases and helps identify patterns of behavior over time, and should be one of the key points of a good AML system for iGaming.
This is because this centralization provides a continuous view of the user's risk, without the need to manually reanalyze each transaction.
5. Enhanced due diligence and presumed income
An AML system that has enhanced due diligence is able to collect data from various sources, such as tax debt certificates and criminal records, to create a complete profile of the user.
From this, the presumed income can be calculated, allowing an accurate assessment of the bettor's financial capacity.
What to expect from a good automated AML system?
By opting for a truly safe and efficient AML system for iGaming, operators will be able to enjoy advantages such as:
* Time savings: generating reports to Coaf that previously took hours can be done in just a few clicks, allowing your teams to focus on more strategic actions.
* Reduction in human error: automated monitoring is able to ensure that all regulatory parameters are followed, minimizing errors in analysis.
* Increased compliance: with an automated system, every operator can ensure that their platform complies with regulations, avoiding penalties and damage to the brand's reputation.
It is important to note that all of these benefits can be expected from a good AML system for iGaming, but it is essential to choose the right tool to ensure effective results.
In other words, opting for a system that only promises but does not deliver can be even more risky and detrimental to operations, jeopardizing compliance with important regulatory requirements.
Therefore, when looking for a solution, consider a system that really delivers what it promises, such as PLD Legitimuz, capable of doing in minutes what not even 100 people working simultaneously could do in days.
Ready to automate your compliance process? Click here and learn about the intelligent AML system capable of doing in minutes what not even 100 people working simultaneously could do in days.
Source: Legitimuz
