New Eight-Pillar Methodology to Reduce Gaming Harm
Vanguard Overwatch has announced a new eight-pillar methodology to minimize gaming harm and reduce regulatory risk for casinos. This latest accreditation program will see gaming venues and Vanguard Overwatch work side by side to strengthen AML programs and other safeguards against financial and reputational damage.
VanGuard’s Overwatch program aims to curb money laundering. © Alexander Grey, Unsplash
Vanguard Overwatch Rolls Out New Accreditation Plan
Vanguard has announced a new accreditation program to strengthen casinos’ Anti-Money Laundering programs and other financial safeguards to protect against reputational risk and regulatory scrutiny.
As a deputy secretary overseeing liquor and gaming policy in Australia, Vanguard Overwatch takes the complex issues of meeting an ever-increasing regulatory burden. It lays out a framework for compliance and oversight.
Their approach revolves around eight concepts that are meant to shield the company from regulatory scrutiny that can prove intrusive, costly, and time-consuming. At the same time, they can protect against outright financial crime, both inside and outside the casino organization.
- Strategy, Risk, Governance
- Safer Gambling Approach
- AML/CTF Policies
- Compliance with Code
- Assurance and Implementation
- Training and Development
- Compliance With Culture
- Advertising/Marketing
Once a casino has been successful in implementing these and thoroughly vetted by Vanguard Overwatch, not just by ticking off boxes but by taking a deeper dive into company culture and commitment to stopping money laundering and gambling harm in all its forms, it will receive the Vanguard accreditation that it can display on its website.
What Does Such an Accreditation Mean for Casinos?
Earning this accreditation shows the company prioritizes best practices in combating money laundering and financial crime. It also shows its commitment to ethical leadership and social responsibility and demonstrates its understanding of licensed gaming companies’ vital role in upholding industry integrity.
It also fosters trust with regulators, who too often are confronted with casinos that would rather skirt the rules rather than proudly abide by them. Showcasing your compliance and understanding of the difficult task often faced by regulators will go a long way toward mutual, beneficial respect.
Many casinos in Australia, where Vanguard Overwatch is based, and worldwide have unintentionally become involved in global money laundering schemes or have been linked to criminal networks. Mitigating both reputational risk and actual loss through embezzlement or other financial crimes will become increasingly important over the next decade as hundreds of billions in illicit gains continue to slosh through the world’s financial systems.
Money Laundering at Its Peak with More Growth Expected
The United Nations Office on Drugs and Crime estimates that 800 billion to two trillion dollars are laundered every year, and they expect that number to grow exponentially with the rise of cryptocurrency and increasingly sophisticated fraud using AI.
However, Juniper Research believes that AI will also be increasingly deployed by Anti-Money laundering system vendors.
Not only that, but they believe that by 2028, the total money spent on anti-money laundering programs across the world will rise more than 80% to more than $51 billion, up from the current $28.7 billion. So it would appear that Vanguard Overwatch is well positioned to help casinos bolster their AML policies and procedures both today and into the future.
