CASINOS & HOTELS
In the Gaming (Casino) and Hospitality industries, AssureTec’s system deters fraud and anti-money laundering (AML) activities.
On April 30, 2003, the Department of the Treasury, the Financial Crimes Enforcement Network (FinCEN), and the seven federal financial regulators issued final rules that require certain financial institutions to establish procedures to verify the identity of new account holders. These final regulations implement section 326 of the USA PATRIOT Act, which directs that regulations be issued requiring that financial institutions implement a Customer Identification Program (CIP) to
- Verify the identity of any person opening an account;
- Maintain records of the information used to verify the person’s identity; and
- Determine whether the person appears on any list of known or suspected terrorists or terrorist organizations.
Whether it is for cashing a jackpot, enrolling a customer into the Players Club, or accepting a large sum of money from a customer, no amount of training on the detection of fake IDs can prepare the average casino worker at the cage or your hospitality suite for the formidable task of authenticating a customer’s ID in a few seconds. The longer he or she spends on processing the customer, the less time the customer has to spend on your premises. At the same time, any mistake he or she makes in detecting a fraudulent ID can be costly in terms of compliance with AML regulations.
When you’re looking to put a compliance system in place, beware of ID Verification systems that do not truly authenticate the ID documents presented; many of these systems are merely productivity enhancement systems. A comparison of data on the magnetic stripe to the visible data on the document, for example, is only one of many validations that must be performed to authenticate the document. However, this is all the “authentication” that some systems perform.
AssureTec’s system is the only system that automatically identifies any of over 1,600 ID documents and performs a variety of authentication checks specific to the document type. AssureTec’s system is constantly evolving, accounting for minute variations in production of the ID documents and incorporating known but nearly-authentic counterfeits, to provide comprehensive document authentication — the best money can buy — short of putting a qualified forensic document inspector on-site at every cage and register.
