Lithuania Unveils New Anti-Money Laundering System for Online Casinos
IDenfy claims that the system is designed to minimize the risk of incurring fines from regulators and to simplify compliance with anti-money laundering laws. The company hopes that this new technology will aid its growth and encourage more clients to utilize its services.
Furthermore, IDenfy views the AML control system as a means to enhance its own reputation. The developer asserts that any company wishing to use IDenfy's services will be partnering with a fully "transparent, professional organization."
IDenfy's CEO, Domantas Čulde, expressed optimism that the company's products can "implement effective security measures across various industries," providing comprehensive protection against money laundering. IDenfy utilizes data from a range of official institutions to populate its risk database, including Interpol, Europol, the FBI, information on politically exposed persons (PEPs), and individuals in prominent public positions.
The company claims that the multiple databases involved in the verification system reduce the likelihood of false positive threats during analysis. IDenfy states that its technology employs advanced data research methods and artificial intelligence (AI).
Can this new Lithuanian technology put an end to money laundering in online casinos?
IDenfy also emphasizes that the system is continuously updated, as governments introduce new regulations for financial transactions and information about political figures is regularly revised. This approach allows IDenfy to maintain the relevance of the data in its software.
In related news, Crown Resorts is set to open its Sydney casino in the coming weeks.
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