monitoring social media accounts for spending habits that fall outside of what is anticipated based on tax returns in order to identify tax evaders, and Chinese financial services firms have used social media data to determine eligibility for loans and other products and services. However, the gaming industry has yet to use this data to combat money laundering or other forms of illicit finance.
Social media data can provide real time AML insight and can be incorporated into models for more effective transaction monitoring, as the number of events generated on a social media platform in a given second dwarfs the number of events recorded within a given firm. Companies could consider obtaining contextual data points from social media sources to complement a customer profile that could in turn assist in the identification of suspicious activity or supplement investigative reference data.
Social media content such as photos, comments, and “likes,” as well as online relationships could inform or prove inauthentic an individual’s priorities, motives, and behavior. A customer, for example, that has little or no social media links to a specific country but has a significant amount of money going to or from said country could be indicative of anomalous and therefore suspicious behavior.
While the opportunities to leverage social media data in the financial services space are certainly present, they need to be thoughtfully implemented with solutions that are cognizant of data privacy issues.
WHAT’S NEXT? Tere are certainly exciting developments on
the horizon with the introduction of new technologies to transfer currency, the implementation of machine learning and AI, smarter usage of available data, and increasing automation of time consuming tasks. However, the pressure to keep up with the digital age has resulted in misplaced usages of machine learning, artificial intelligence, and bots.
third parties and other associates linked with the customer and identifying key risks. As a result, by studying attributes of transactions that indicate potential money laundering, including the strength of a customer’s relationship with other known parties, these systems are able to identify high-risk patterns in customer attributes that can improve the accuracy of alerts.
Companies can then use this information to refine the rules or detection scenarios used to generate alerts, further helping to reduce the number of false positives and ultimately the amount of time spent on unproductive investigations.
AI is also helping companies to preempt regulatory headaches and fines by flagging patterns in data that most often lead to regulatory inquiries. AI systems can analyse past compliance issues, learn to recognise similar patterns in the FI’s current data, and alert the compliance team to potential issues as they occur. Tis reduces regulatory risk by giving companies the opportunity to remediate
issues before they self-report to the regulators (or the regulators themselves discover potential issues).
SOCIAL MEDIA AS CONTEXTUAL DATA Although the AI solutions described above
present promising opportunities for AML compliance programs, there is one key driver of and source of challenges to these solutions: data. Te availability of data, including the quality and type, has a significant impact on the capabilities of AI-enabled analytics and anomaly detection models. To gain a more complete picture of their customers and the money laundering risks they pose, companies should consider looking at additional data points outside those collected in traditional models - including those available from social media.
In a booming social media age where countless data points are being tracked and leveraged for marketing and research, we are beginning to see this data used in the financial services industry, but the practice has not widely caught on yet in the gaming industry. For example, India’s tax authority has recently announced that they are
As the gaming industry becomes saturated with digitisation, there are instances where casino operators are supplementing existing infrastructure with digital infrastructure but have not achieved a tangible increase in efficiency. Operators should take a step back and critically evaluate where digitalization can actually enhance their systems and processes rather than riding on the coattails of industry trends and implementing for the sake of implementing.
IAGA
The International Association of Gaming Advisors (IAGA) will hold its 38th Annual International Gaming Summit June 4 - 6 at The Ritz Carlton Half Moon Bay in California
NEWSWIRE / INTERACTIVE / MARKET DATA P69
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104 |
Page 105 |
Page 106 |
Page 107 |
Page 108 |
Page 109 |
Page 110 |
Page 111 |
Page 112 |
Page 113 |
Page 114 |
Page 115 |
Page 116 |
Page 117 |
Page 118 |
Page 119 |
Page 120 |
Page 121 |
Page 122 |
Page 123 |
Page 124
