change depending on jurisdiction, country, and platform specifics. Money laundering within the iGaming sector involves additional complexities compared to traditional methods, Kris says, noting that the increasing costs associated with laundering through conventional means may drive fraudsters towards online gaming platforms, particularly those in grey markets with less stringent regulations.


Sumsub mitigates this risk by assessing sign-up and deposit behaviours, linking accounts to known fraud networks, and analysing gameplay patterns to detect suspicious activities, such as low-risk betting strategies aimed at legitimising illicit funds.


"If somebody has less than £50,000 in their account - which is fairly low for money laundering - open up a roulette table and bet on every single number, they know that they're going to win around 98 per cent of the time. Teir risk is very low and considering money launderers are willing to give up much more of what they're laundering to justify the profits they're making. In that case our tools will automatically recognise that there's suspicious behaviour related to money laundering. Te same goes for other low risk games like poker or baccarat, as well as certain betting strategies in blackjack."


FRAUDSTERS CONTINUALLY ADAPT, EXPLOITING NEW FORMATS SUCH AS PLAYER-VERSUS-PLAYER GAMES


"Let's say you have a small grey market casino with 50,000+ monthly active users operating in regions that it shouldn't be doing," describes


54


Kris. "Tere might be a team of 20 people with one person who's responsible for all the licensing, the staffing, and money laundering. Tese kinds of business set-ups are popping up all the time. Many of them are completely unlicensed and they don't even have slots or live casino, but they do have their own versions of table games like Plinko, Hi-Lo or Dice.


"In time, they might introduce player versus player games, which is where the threat comes in. If a fraudster logs into one of these sites and realises that there's a rock, paper, scissors player versus player game, there isn't too much stopping them exploiting that. If they don't have an internal solution, which a lot of sites that size won't, and they're not working with somebody like Sumsub to recognise trends and identify potentially threatening transactions then it's fathomable for somebody looking to launder money.


"Tey could deposit a large sum of money through smaller increments - or potentially larger increments in some cases - and chip that money to somebody else who's already been through the KYC process and founded their account two or three months prior. Tis means that if they do have any flags, they're less likely to be raised."


Te increasing popularity of video gaming among younger demographics further amplifies these risks, as modern casinos introduce innovative gaming experiences that may be susceptible to exploitation.


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