In response to increasing international regulation, Finnish non-profit gambling company, Paf (Play among friends), has selected the Accuity financial crime compliance solution, Firco Compliance Link, to screen its customers against sanctions, Politically Exposed Persons (PEPs), negative media and high-risk entity lists.
The European Union Fourth Anti-Money Laundering Directive, which is due to be embedded into national law by June 2017, has prompted all EU countries to enforce measures to counteract money laundering and terrorist financing. The directive extends its applicability to providers of gambling services, which are listed as ‘obliged entities’ and must adhere to a similar level of rigour as financial services businesses.
Pat Hinchin, Senior Director, Product Management at Accuity, said: “This increase in regulation is shifting the focus of the international gambling industry to improve financial crime compliance practices. Paf’s decision to implement a comprehensive screening capability bears testament to the organisation’s commitment to meeting regulatory requirements and mitigating the risk of financial crime.”
Kati Björninen, Fraud Operation Manager for Paf said “As an organisation licensed and controlled by the local Åland government, and with a mission to generate funds for good causes, we feel a heightened sense of responsibility to ensure we fully understand any risks associated with our customers. By working with Accuity, we have created a solid and scalable platform for financial crime compliance screening, which protects us from facilitating illicit financial activity and helps to prevent the abuse of our services.”
Paf is using Firco Compliance Link from Accuity – a single screening platform and case management system – alongside Compliance Link’s Automated Screening Manager, which provides intelligent automated accounts screening, consolidated reviews and a complete audit trail. The Accuity Global Watchlist® dataset (including sanctions, PEPs, adverse media and enforcement data) integrates with the system, enabling Paf to carry out a reliable and efficient financial crime compliance screening process. The solution informs and empowers Paf’s compliance team to deploy a risk-based approach to engaging with new or existing customers.
Notes to Editors
Accuity offers a suite of innovative solutions for payments and compliance professionals, from comprehensive data and software that manage risk and compliance, to flexible tools that optimise payments pathways. With deep expertise and industry-leading data-enabled solutions from the Fircosoft, Bankers Almanac and NRS brands, our portfolio delivers protection for individual and organisational reputations.
Part of RELX Group, a world-leading provider of information and analytics for professional and business customers across industries, Accuity has been delivering solutions to banks and businesses worldwide for 180 years.
Paf was founded on Åland in 1966 with the clear purpose of creating profit to support public good. This is still the company’s primary purpose. Today Paf.com is an international gaming operator with over 200 games including slots, casino, poker, betting, bingo and lotteries. Paf also operates a large physical gaming operation on land and sea with about 1,500 slot machines and 55 gaming tables on ships in the Baltic Sea, in Paf Casino on Åland and Casino Sunborn in Gibraltar. Paf offers safe and socially responsible money games that give players pleasure and entertainment. In 2015 the Paf Group had a total revenue of 110 million euros producing a profit of 22.7 million euros. The contribution to public good was 20 million euros. The group has nearly 400 employees, is headquartered in Mariehamn on Åland and serves players from countries including Finland, Sweden, Estonia and Spain. Paf is licensed and controlled by the local Åland government. More information can be found at www.paf.com.