According to an American Gaming Association (AGA) report, national gaming revenue was on pace to surpass the annual record of $43.65 billion set in 2019. With this unprecedented growth, casino operators are investing in ways to protect their gains and mitigate risk. Casino operators must also address specific hazards unique to the gaming industry, namely regulatory compliance issues. As an industry leader, Pavilion Payments has engineered its solutions to help manage risk while providing an enjoyable patron experience.
One of the most salient concerns for casino operators is maintaining Title 31 of the Bank Secrecy Act compliance and implementing anti-money laundering (AML) measures. Failure to meet Title 31 regulations can mean costly fines, so casino operators seek holistic solutions that ensure complete compliance. Pavilion Payments’ VIP Shield is an all-in-one Title 31 compliance solution covering all AML compliance aspects. VIP Shield gives casino operators peace of mind and allows them to focus on creating an exciting and rewarding patron experience.
Many leaders in the gaming industry are reinforcing AML by emphasizing know-your-customer (KYC) practices. VIP Mobility™, the industry’s first mobile solution enabling true cashless gaming, also features KYC capabilities. VIP Mobility’s system-agnostic platform protects patrons and gaming institutions using bank-grade security. VIP Mobility employs tight KYC controls, which use additional checks and balances to curb fraudulent behavior.
While every industry engages in risk management and loss prevention, risk management in the gaming industry requires high rigor and diligence. Failures in risk management can mean not only monetary losses but a damaged reputation, which takes more time and effort to recover from. Pavilion Payments provides top-of-the-line compliance and AML solutions that minimize risk and enhance the gaming experience.