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ARTICLE · 20 MAY 2024

How Operators Can Mitigate Money Laundering Risks In The iGaming Sector

MNP LLP
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The iGaming industry in Ontario is booming, with more than $35 billion wagers processed in its first year.

CanadaMedia, Telecoms, IT, Entertainment
Mondiu Jaiyesimi, CAMS, CBP, FIS, MSc.
Mondiu Jaiyesimi, CAMS, CBP, FIS, MSc.
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Synopsis

The iGaming industry in Ontario is booming, with more than $35 billion wagers processed in its first year. However, FINTRAC recently reported that money laundering is on the rise as online gambling increases in popularity.

Operators must take the right steps to mitigate those risks and remain compliant with regulations, including:

  • Obtaining an iGaming license
  • Building an anti-money laundering (AML) program
  • Ongoing support and monitoring

Developing and implementing an AML program is a complex process. An AML advisor can help you develop a program to fully meet strict requirements.

Ontario's iGaming industry has grown rapidly since its launch on April 4, 2022. Rapid growth increases risks — and, as a result, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has released a bulletin on red flags and money laundering indicators relating to online gambling sites.

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