- Partnership between Kindred, BetBuddy and City, University of London to address anti-money laundering
- Will explore the use of deep learning and AI techniques to improve player experience and address suspicious behaviour
Swedish online casino operator, Kindred Group has announced that it will be forming a partnership with analytics firm BetBuddy and the City, University of London in an effort to improve its anti-money laundering processes, thus bettering online security.
The partnership will see Kindred Group fund a doctoral degree at City, University of London which will explore how the use of deep learning and artificial intelligence techniques can strengthen anti-money laundering decision making processes.
Improving player experience and removing suspicious behaviour
Before you wonder just what this has to do with you spinning a few online slots on your lunch break, this move is all about improving user experience online and moving to eradicate suspicious financial behaviour, which is always a positive.
Money laundering and other suspicious behaviour is a serious issue online, where cash flow is entirely anonymous and easy to disguise. It’s also been a difficult behaviour for authorities to clamp down on too – consider just how many online transactions and movements of money are made each day at online casinos around the world.
“This project is yet another step in Kindred’s journey to find innovative ways of improving our business. The project ties in to the research already started within our Kindred Futures arm, looking at how AI can support detection of possible suspicious behaviours.”
George Debrincat, Money Laundering Reporting Officer at Kindred Group
“As a group we will be able to continue improving on our already strong compliance track record with the use of AI and big data, while further ensuring a safe and secure gambling environment for our customers,” added Debrincat.
New research that can improve peoples lives
Kindred Group operates ten online casino and sports betting brands including MariaCasino.co.uk and BohemiaCasino.com and recently reported its highest ever quarterly gross gaming revenues, which were $196.45 million making it a year-on-year increase of 25.1%.
Artur Garcez, a professor for City, University Of London’s Research Centre for Machine Learning said: “We are fortunate to have been collaborating with BetBuddy since 2014 and now look forward to working with Kindred Group too on this research project. It is great to see our models and theory put to the test in a fulfilling collaboration that also drives new research that can improve peoples’ lives.”
The announcement of this new partnership comes just two months after Kindred Group declared that it would be acquiring casino and gambling operator, 32Red Casino in a monster deal worth $220 million in order to strengthen its position in the UK market.
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