It is now 10 years since Chip and PIN became the gold standard of authentication for face to face transactions. Chip & PIN, refers to cards which use the EMV protocol. Payment data is stored on an integrated circuit (the chip) rather than the traditional magnetic strips, making the cards near impossible to clone. Its ease of use and proven effectiveness in combating card fraud has made it central component of our payments experience.
As long as there have been casinos, they have been used for money laundering. Criminals would enter casinos with “dirty” money (i.e. money obtained from criminal activities), convert it into casino chips, gamble for a short period of time, cash in their chips for a cheque and then the dirty money could be passed off as gambling winnings.
The explosion of remote gambling (online gambling) has opened up even more opportunities for criminals and even terrorists to launder money. Organised crime is nothing if not opportunistic and so the possibilities offered by online gambling to offenders has been grasped with both hands.
MYPINPAD – LONDON
1 Canada Square
London, E14 5AB
Office Tel: + 44 (0)203 289 6728
MYPINPAD – CARDIFF
3 Assembly Square
Cardiff CF10 4PL
Office Tel: + 44 (0)2920 674437
MYPINPAD – ASIA
21/F Gloucester Tower
15 Queens Road Central