Online gambling companies continue to stress the importance of security in handling the people’s money. As the Internet progresses and more people place their finances in the hands of online vendors security threats will always be a high priority for online gaming casinos.
Recently the Remote Gambling Association revealed that a previous report involving the risks of money laundering via online gambling casinos held no concrete evidence of such illegal activities. MHA consulting issued a report showing that the controls and self-regulation by the online gaming casinos have proven to be effective and lowered the risk of money laundering.
The study was performed found that much of the current knowledge of online money laundering was found to be untrue. “In the past, a combination of misperception and misinformation has led many to believe that money laundering is a particular problem for the online gambling industry,” said Clive Hawkswood, Chief Executive Officer for the RGA.
According to Hawkswood, the reference that online casino gambling is highly susceptible to money laundering he responds by saying, “That is quite clearly not the case and we hope this report will go some way to dispelling those often-quoted myths and introduce a greater level of objectivity whenever these issues are debated.”
Many changes have been made to maintain security of online transactions but as he states, “However, we are still a relatively new industry dealing with a relatively new framework of money laundering regulations. The industry has risen to the challenge but cannot rest on its laurels and we will certainly be following up on the recommendations made in the report.”
“This is an area where we must remain proactive and continue our work, both individually and collectively, with legislators and regulators as well as with groups such as the Financial Action Task Force On Money Laundering, the Institute Of Money Laundering Prevention Officers and cross-industry forums such as the Anti-Money Laundering Europe group in Brussels. We will also be looking to discuss with various governments how we might expand the available sources of information to build on existing data that is used to combat fraud and money laundering.”
