The gambling industry faces unique challenges when it comes to maintaining Anti-Money Laundering (AML) compliance, especially during peak periods like the Melbourne Cup and the AFL/NRL Grand Final . These high-profile events draw in a massive influx of customers and transactions, leading to a spike in screening and transaction monitoring alerts which have the potential to turn into backlogs.
To stay on top of AML obligations, gambling businesses are increasingly turning to use outsourced crime analyst capacity to help get over these humps of activity. This strategy not only helps them manage the surge in customer screening and Enhanced Customer Due Diligence (ECDD) but also ensures that transaction monitoring remains timely and effective.
Events like the Melbourne Cup are a major draw for gamblers, resulting in a significant increase in betting activity. This surge creates a corresponding increase in the number of alerts generated by AML systems and the sheer volume can overwhelm in-house compliance teams, leading to backlogs and delayed investigations. Given the importance of timely and accurate screening, any delay can turn into a problem.
The Role of Outsourced Crime Analysts
Outsourcing to specialised firms like WhiteLight AML provides gambling businesses with the flexibility they need to handle these peak periods efficiently. This external, on-demand capacity brings expertise in AML which can be quickly scaled up or down based on needs. During events like the Melbourne Cup, outsourcing allows businesses to deploy additional resources without the long-term commitment of hiring permanent staff.
Reducing Backlogs and Staying Compliant
One of the biggest advantages of using outsourced crime analysts is the ability to rapidly reduce backlogs. Outsourced teams can step in to clear these backlogs quickly, ensuring that all alerts are investigated within the required time frames.
Outsourcing during peak periods is a smart strategy for gambling businesses looking to maintain compliance without compromising on efficiency. By leveraging the expertise of external analysts, these companies can manage the surge in AML alerts, reduce backlogs and ensure that they meet their regulatory obligations even during the busiest times.
How can WhiteLight AML help you meet your AML Obligations?
If you have any concerns about the capacity of your financial crime team during the Spring Racing Carnival period, or you simply want to stay on top of AML compliance, contact WhiteLight AML for an obligation free discussion today.
We work with you to provide actionable insights to help your business prevent ML/TF and stay on top of AML/CTF compliance obligations. To find out more, click here for an obligation free call: FIND OUT MORE
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