Playtech Relying On Artificial Intelligence To Combat Money Laundering

Artificial Intelligence To Combat Money Laundering

Playtech has a data analytics subsidiary called BetBuddy which focuses on responsible gambling. The company has partnered with the Kindred Group and the Research Centre for Machine Learning from the University of London to carry out in-depth research on how artificial intelligence can be used online to combat money laundering activities.

In a statement, Simo Dragicevic, CEO of BetBuddy said “This initial phase has been important in obtaining stakeholder validation of where areas for improvement exist in AML monitoring. It is clear that whilst this is a very complex challenge, expectations for continuous improvement and investment in research and development using new technologies is high amongst stakeholders.”

Money launderers have always targeted the casino industry and the authorities are always concerned if online casinos are being used by criminals to wash money. Money launderers manipulate any loopholes they might find in security and software technology which is a big problem for iGaming operators.

The team of researchers from the University of London put in three years of intense research to find areas that had a weakness and could be exploited by cybercriminals. They also look at how artificial intelligence could be used to plug these loopholes.

How To Detect Money Laundering Activities

The research project is not over as the next phase will study online gambling data and see if artificial intelligence can be used to detect money laundering activities. The research encourages a central database that online casino operators can use worldwide to report suspicious gaming activity and alert other iGaming operators of flagged players.

To put in place procedures that will vet players better by looking at their source of funds and source of wealth before allowing them to play. The success of this research will help Playtech and the Kindred Group to roll out robust software that will better protect online casinos from money laundering activities.

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