The Financial Action Task Force, FATF, has warned countries about the growing misuse of gaming and gambling platforms for financial crimes.
FATF said criminals are using gambling platforms to move money without actually gambling, splitting large amounts into multiple small transactions and placing unusual or coordinated bets to avoid detection. It has also flagged illegal and unlicensed online gambling as a major risk. Criminals may use multiple payment methods, fake identities and complex ownership structures to conceal their activities.
The new FATF risk indicators are aimed at helping governments, regulators and businesses detect suspicious transactions and tackle money laundering, terrorist financing and other financial crimes linked to the gaming and gambling sectors.
