For Jamie Frendo, Head of Anti-Money Laundering (AML) & Risk Operations at Betsson Group, the highlight of his job is catching criminals and ensuring that Betsson cannot be used to smuggle funds.
“It’s a special feeling when you actually manage to catch someone” trying to launder money, he explains, and he is of the opinion that if one enjoys the work they do, then they don’t have to work a day in their life.
Speaking as part of Betsson’s by-weekly panel show, ‘Betsson Live’, Mr Frendo explained what his job entails, how he got into it, and what makes him tip.
“Money laundering is something a criminal or group of criminals might do to try to make their dirty money look legitimate”, he stated. For an iGaming company, this could potentially take the form of depositing illicit money into a gaming account, then withdrawing those funds to a different account.
This is what Mr Frendo and his team fight against. “Betsson has several procedures and processes in place to fight this”, he said.
For example, the company always sends funds back to where they originate from, and makes sure it knows who its players are by requiring them to submit documentation. In some cases, this might take the form of documents verifying a source of income or funds, so the company can make sure they are legitimate.
Asked why AML actions are important to Betsson, Mr Frendo identified that “the most important thing is trust”.
Individuals using Betsson’s site want to be able to trust that it is not involved with illicit activities, and it is also important for avoiding fines and adverse media, he said.
Mr Frendo’s role is to make sure the company has the required tools and resources in place to identify money laundering and make sure we are up to date with recent trends and regulatory developments, he exlained..
Reflecting on how he got into the industry, he recounted that he first entered iGaming around 15 years ago.
Before then, he started his career in the catering industry, where he ran his own pub and restaurant. At a point, one of his regular clients, who himself worked in iGaming, started inviting his own friends to the establishment, and Mr Frendo was impressed by how fondly and respectfully they talked of their work.
He’ll have been at Betsson for five years this month and aside from catching criminals, his favourite part of the job is the feeling he gets in the knowledge that Betsson is covered from the AML side and that the department is not allowing it to be used to smuggle funds.
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