AI Can Now Prevent Money Laundering & Addictive Gambling – Here’s How

When we see money laundering in shows like Breaking Bad or Ozark, we don’t really grasp the scale at which it actually occurs. This activity impacts people who aren’t directly involved: for example housing prices increased 5 percent in British Columbia due to more than $5 billion in laundered money moved through the province’s real estate in 2018 a government report found.  

In fact, the BC government recently released a very detailed report to examine and address the extent of money laundering there, which spills into a variety of sectors including gambling and casinos. But it’s not just Canada that money laundering impacts. It’s a global issue.

“The Cullen Report is not just a call to action for British Columbia, it’s a wake up call for the entire gaming industry.” explains Earle Hall, CEO of AXES. 

Hall goes on to say, “The Cullen Report is not about British Columbia: It is about the industry as a whole. Sports betting and online casinos have stringent KYC processes in white label jurisdictions. Why is anonymous cash accepted in a casino in 2022? In a binary world, if it is not KYC checked, it is money laundered. It is time for the industry to embrace KYC cashless because it eliminates the baked and empowers deep rich, real-time data to empower the good.“

With the focus now on how to prevent money laundering from occurring, what if I told you the technology already exists to prevent it?

Axes is already using their artificial intelligence (AI) technology to interpret billions of pieces of player, machine, time, and space data to help detect and eliminate fraud, theft and money laundering from the gaming industry. Their modernized tech can also prevent addictive gambling, shifting the narrative towards responsible gaming.