AML/KYC for gambling

Licenses for online casinos,
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At the core of every gambling project lies security, which is precisely why it is necessary to apply AML and KYC procedures. Thanks to these checks, players can be identified, preventing breaches of user accounts, theft of personal data, and fraudulent actions related to money. The SBSB legal team recommends clients to prepare AML and KYC policies before launching gaming projects, and after a successful start, to regularly conduct AML audits to comply with regulatory standards and KYC procedures for the Gaming Sector. This allows timely adjustments to internal policies and procedures to prevent financial crimes.

AML compliance for the Gambling Industry

The global standards and recommendations developed by FATF (Financial Action Task Force on Money Laundering) apply in the gambling business. In the territory of the European Union, the Fifth (AMLD5 EU) and Sixth (AMLD6 EU) Directives on mechanisms to combat money laundering and terrorism financing are in effect. AMLD6 introduced stricter penalties for legal entities involved in money laundering, including temporary bans on activities, forced liquidation, judicial supervision, or imprisonment for up to 4 years.

AML for Gambling

AML (Anti-Money Laundering) is a set of procedures and measures aimed at countering the laundering of illegally obtained money. The given procedures must be spelled out and in effect at the time of licensure.

About AML Audit

To avoid fines and problems with law enforcement, regulators, banks, and partners, a gambling project must comply with AML rules. 

AML audits are conducted to check the institution’s compliance with AML/KYC legislation, identify weaknesses in complying with AML requirements, and provide recommendations for improvement.

The procedure for an AML audit consists of several stages:

  • checking various AML elements for compliance with regulatory requirements: internal control (document flow and employee work within the company), implementing control mechanisms, customer identification and verification procedures, various policies, and transaction monitoring systems.
  • identifying risks and possible threats to system stability.
  • creating a report with identified problems and a list of recommendations to prevent potential issues, improve security policies, and compliance procedures.
  • developing AML policies and procedures tailored to your organization’s specifics, as well as customer identification and verification processes, to minimize security risks.
  • making system changes to enhance and align it with recommendations and regulatory requirements.
  • training company employees.

SBSB lawyers recommend companies operating in the gambling market to regularly conduct checks. Regulatory compliance for AML in Gambling guarantees transparent work without the risk of sanctions and fines from regulators, as many international acts are frequently amended. Regular audits also enhance reputation and garner trust from banks, investors, and regulatory bodies.

SBSB lawyers also offer such services as

AML consulting and comprehensive legal support

We help clients select the optimal jurisdiction, prepare documentation for licensing, resolve organizational issues, and if necessary, deal with regulatory bodies and other structures to resolve bureaucratic matters.

Development of internal and external policies

SBSB experts develop internal and external policies related to personal data protection and security, including AML/CTF, and provide advisory support at all stages of the company’s operation.

Reporting to regulatory bodies

After launching a gambling project, our team together with the client prepares and provides accounting and tax reporting to regulatory bodies.

KYC Gambling

KYC (Know Your Client) procedure is obligatory and plays a pivotal role in ensuring security and compliance with laws in every gambling project. The implementation of Casino KYC requirements allows platform users and their funding sources to be identified, thereby preventing the use of gambling platforms for illicit activities. In case of any such activities, it allows for reporting to law enforcement agencies. Online gambling KYC also enables operators to detect cases of fake accounts and fraud, preventing theft of players’ personal data and restricting minors’ access to gambling.

Why Choose the SBSB Team

There are several compelling reasons why many clients choose the SBSB company for collaboration:

  1. We’ve been launching gambling projects worldwide since 2013.
  2. We offer individualized solutions to each client.
  3. We aid in implementing all changes practically.
  4. We provide comprehensive legal support.

SBSB lawyers conduct comprehensive checks on gambling projects, assessing their risks associated with money laundering or terrorism financing. This allows for compliance with Anti-Money Laundering measures in Gambling, as well as timely identification of potential problems and shortcomings in AML and KYC policies.

After an AML audit, we provide recommendations for policy improvement or develop individual policies. Enhancing business processes and aligning policies with Know Your Customer requirements for the Gambling Industry help identify fraudsters and illegal activities on the platform. It prevents issues with regulatory and law enforcement bodies and reduces the risk of losing licenses.

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Roman Baranovskyi

Senior lawyer

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