As a sports betting writer, let’s dive into the latest news from FinTRAC regarding money laundering in the world of online gambling. The financial intelligence unit has flagged criminals using unlicensed black-market sites in jurisdictions with weak anti-money laundering and anti-terrorist financing regulations as their main method. A key method being used is dirty money purchasing prepaid gift cards or vouchers to deposit into online gambling accounts. If you’re interested in the more technical side of it, FinTRAC’s latest report examines suspicious transaction reports related to online gambling between 2016 and 2023. It analyses data from other financial intelligence units and government and non-government organizations.
In terms of sports betting, FinTRAC provides licensed operators with several indicators to look out for when it comes to money laundering. This includes “minimal play,” where a player creates the illusion of gambling before a withdrawal. Another indicator to watch out for is “chip-dumping,” particularly in online poker, where a player purposely loses their chips to a colluding participant.
By understanding and being aware of these indicators, sports betting operators can be better equipped to combat money laundering activities and ensure that their platforms remain safe and secure.