“It is not possible that current accounts are not yet opened for operators in the public gaming chain. Profiling customers adequately means first of all avoiding the derisking unjustified, means allowing the pursuit of the objectives of the anti-money laundering legislation and means enabling obliged subjects, such as gaming operators, to carry out the functions assigned to them by law, as well as by concession and contractual relationships". This is what he highlighted Geronimo Cardia (in the photo), president of ACADI (Association of public gaming concessionaires), during the panel “Customer profiling and derisking in anti-money laundering. Adoption of a balanced and proportionate approach to the purposes of due diligence”, which he hosted and moderated at the Italian Gaming Expo & Conference.
During the panel the following spoke as speakers: Dario Damiani, senator of Forza Italia-Berlusconi President-PPE e member of the Fifth Permanent Budget Committee of the Senate; Mirko Carlone, senior member of the AML Function of Banco BPM; Valentina Gilberti, Head of Business Development & Customer Success SGR Compliance.
In particular, the lawyer. Geronimo Cardia - author among other things of the book "Public gaming in Italy: reorganization, territorial question and institutional short circuits", published by Giappichelli and just released in bookstores - enhanced the relationship between the two proposed themes of customer profiling and derisking unjustified, highlighting the important role of an adequate verification that concerns banks in the evaluation phase of the relationship with the gaming operator and that takes into account the broad spectrum of corporate compliance systems that concerns the sector. Once called on board the anti-money laundering system, the public gaming operator then, in turn, has the central role of qualifying its customers and suppliers at the beginning and throughout the relationship, using in-depth analyzes that allow it to pursue the legality objectives indicated by the regulatory system.
The senator Dario Damiani, member of the Fifth Permanent Senate Budget Commission, reported on the political and parliamentary steps that contributed to overcoming the phenomenon of derisking unjustified. In particular, reference was made to the proposition - and the consequent approval in the Asset Legislative Decree - of the amendment aimed at clarifying the scope of the rule referred to in Legislative Decree no. 231/2007, defining that the obliged subjects must ensure that the procedures adopted in compliance with anti-money laundering obligations do not exclude, in a preventive and generalized manner, certain categories of subjects from the offer of products and services exclusively due to their potentially high exposure to risk of money laundering or terrorist financing. Therefore, one will be needed diligence accurate to close (or not open) the banking relationship with the customer who does not satisfy the requirements of the timely anti-money laundering verification. Furthermore, he highlighted how, in light of the recent accurate analysis conducted by the European Banking Authority (EBA) on the phenomenon of derisking and on the related impacts in terms of financial inclusion, it emerged that access to basic financial products and services, such as a current account, represents a fundamental prerequisite for participation in economic and social life, in the context of which the "derisking”, when unjustified, can cause financial exclusion. Concept already present in the guidelines on money laundering risk factors, implemented by the Bank of Italy and implemented starting from 26 October 2021, which underline the need to balance the need for financial inclusion with the need for mitigate and manage the risk of money laundering or terrorist financing.
Dr Vincenzo Mirko Carlone, member senior of the AML function of Banco BPM, giving rise to an interesting debate, through the lens of the Bank, offered a different point of view of the phenomenon of derisking not justified, underlining the centrality of adequate verification measures which allow the risk of starting or maintaining ongoing current account relationships with customers to be managed, and not eliminated outright. It also highlighted the importance of tools to support adequate customer profiling and monitoring of operations, in particular with the aim of having an information asset that allows control activities to be made more efficient, having taken into account the peculiarities of the different figures operating in the sector's supply chain. Finally, by also pooling previous initiatives carried out at a system level on a series of sectors and economic activities identified, time by time, with a potential greater exposure to risk, the main enabling factors useful for outlining a path of strengthening, for compliance purposes, existing controls and mutual collaboration mechanisms between the gaming and financial sectors.
Dr. Valentina Gilberti, Customer Success Manager SGR Compliance, presented concrete solutions to the protagonists of the debate, useful in supporting gaming sector operators in their AML obligations. The designed solutions, which include the platform Daily Control, are based first of all on access to a wide spectrum of precise and structured information that allows operators to promptly and quickly verify counterparties and customers for correct profiling and risk assessment. The information available includes on the one hand the database developed by SGR Compliance, which combines global coverage with a specific focus on certain territories, such as Italy, relating to Adverse Media, political exposure and sanctioning measures. On the other hand, the solution allows the consultation of third-party databases, such as commercial registers and beneficial owners. The second essential element is the implementation of automated processes that lighten the procedures for operators, allowing them to make timely decisions with updated data. Ultimately, equipping oneself with tools in line with what is already in use by primary financial intermediaries, such as banks and insurance companies, simplifies and optimizes customer profiling processes and the management of obligations by the obliged entities, in particular, in light of what emerged in recent years in the public gaming sector.
Material was made available, in particular:
- (I) paper “Customer profiling e derisking in anti-money laundering. Adoption of a balanced and proportionate approach to the purposes of due diligence", and collection of publications on banking, compliance and anti-money laundering, by Geronimo Cardia;
- (ii) “Daily Control. The reference management system for anti-money laundering controls", by SGR Compliance.
The debate thus reached unambiguous, synergistic and collaborative conclusions, offering a new vision of the phenomena involved, as well as political and practical solutions.
