In response to increasing international regulation, Finnish non-profit gambling company, Paf (Play among friends), has selected the Accuity financial crime compliance solution, FircoCompliance Link, to screen its customers against sanctions, Politically Exposed Persons (PEPs), negative media and high-risk entity lists.
The European Union Fourth Anti-Money Laundering Directive, which is due to be embedded into national law by June 2017, has prompted all EU countries to enforce measures to counteract money laundering and terrorist financing. The directive extends its applicability to providers of gambling services, which are listed as ‘obliged entities’ and must adhere to a similar level of rigour as financial services businesses.
Pat Hinchin, Senior Director, Product Management at Accuity, said: “This increase in regulation is shifting the focus of the international gambling industry to improve financial crime compliance practices. Paf’s decision to implement a comprehensive screening capability bears testament to the organisation’s commitment to meeting regulatory requirements and mitigating the risk of financial crime.”
Kati Björninen, Fraud Operation Manager for Paf said “As an organisation licensed and controlled by the local Åland government, and with a mission to generate funds for good causes, we feel a heightened sense of responsibility to ensure we fully understand any risks associated with our customers. By working with Accuity, we have created a solid and scalable platform for financial crime compliance screening, which protects us from facilitating illicit financial activity and helps to prevent the abuse of our services.”
Paf is using Firco Compliance Link from Accuity - a single screening platform and case management system – alongside Compliance Link’s Automated Screening Manager, which provides intelligent automated accounts screening, consolidated reviews and a complete audit trail. The Accuity Global Watchlist® dataset (including sanctions, PEPs, adverse media and enforcement data) integrates with the system, enabling Paf to carry out a reliable and efficient financial crime compliance screening process. The solution informs and empowers Paf’s compliance team to deploy a risk-based approach to engaging with new or existing customers.