By Damian Martinez, journalist at G&M News.
What is your assessment of recent ALEA’s gathering in Cordoba, Argentina?
Understanding that gambling has a relevant role in society is already a positive issue. If it also promotes dialogue and debate in relation to sensitive themes for the community, such as gambling in children and teens, it is even more positive. At totalcoin, we celebrate these spaces. Without a doubt, the level of discussions at the meeting exceeded expectations.
What do you think were the most interesting debates that took place at the event?
How to approach education and awareness in children and adolescents, one of the most vulnerable strata of our society and which therefore deserves greater protection, was the key issue of this meeting. Now, how to think about it, plan it and implement it leads to many debates. In this sense, the responsible use of technology, communication, the creation of safe and reliable gaming environments, good practices and, above all, the coordination between the gaming industry, other industries and the public sector (for both the prevention and the prosecution and sanction of criminalized behavior) mark the roadmap for our segment. As a virtual wallet, totalcoin has taken the lead in the industry. In fact, we are the first wallet that has taken action to raise awareness and prevent illegal gambling in childhood and adolescence, based on talks in schools in Argentina, with a very good reception, which motivates us to continue in this path. The synergy between industries, the State, schools and families strengthens the message by shedding light on this very delicate subject.
Which tools is totalcoin using to prevent fraud and money laundering?
We have robust Know Your Customer (KYC) processes, transactional monitoring and rules that guarantee the security of users’ personal and financial information. We implement periodic audit systems in order to evaluate the efficiency of the controls implemented by the area and we have unusual transaction alerts that help our clients to be aware of any operation that could eventually be fraudulent. To do this, we have developed our own in-house system of registrations and monitoring, well-adjusted to our needs, which is giving us very good results, even though it is continuously improving based on each new need that arises. This is especially important because we also know that crimes associated with fraud and money laundering are constantly changing, which really becomes a challenge that forces us to always be alert. Likewise, we carry out regular training for staff on the best compliance practices and the importance of complying with both current regulations as well as ethical and conduct standards. I am convinced that one of the features that best characterizes our company is that we work collaboratively with our clients’ areas of money laundering and fraud prevention. This contributes to the agility of the processes and excellence in results. As I said before, the synergy between both industries is vital for the success of the business.
How does totalcoin guarantee that its clients’ transactions comply with national and international regulations?
Through robust due diligence processes, both at the beginning of the business relationship and during it. Sometimes, it may seem cumbersome for customers, but they quickly understand that these processes are not only to comply with regulations, but also to take care of themselves.
In which way can your company promote compliance among regulatory authorities?
We work hard to foster a collaborative, empathetic and excellent context. In addition, totalcoin is a Subject Obligated to report to the Financial Information Unit (UIF). We think it is essential to comply with all the regulations of the authorities, which also mark the way to be solid in money laundering prevention. This cannot be conceived except from a FRAML perspective, that is, Fraud and Money Laundering. The experience of the last inspection by the Financial Action Task Force (FATF), where there was a real possibility that Argentina would return to the grey list, with all the terrible consequences that this entailed, made clear the importance of private and public sectors working together as a team. We are proud to having been able to successfully respond to each and every audit, requirement, inspection by the UIF, demonstrating that we are up to international standards.
What about the interaction with other actors of this ecosystem?
The gaming industry is also an Obligated Subject. In fact, it is launching a new resolution (194/2023) and has played a very important role in the latest FATF review. This is an industry of low risk due to the excellent work of the compliance area of the companies and the rigorous controls they implement. In turn, financial institutions are also Obligated Subjects and here the issue becomes complicated because their resolution (14/2023) contains the famous ‘customer-of-the-customer principle’ (Article 32, Section 3), which empowers them to exercise certain controls that are not always welcome. In this framework, they not only collaborate with the supervision tasks of the UIF but are also supervised by the Central Bank. About us, we try to achieve regulatory coherence, one that allows daily compliance management in a fluid manner. To do this, we work side by side with casinos, financial institutions and regulatory authorities. We actively listen, converse, and unite in the search for consensus that translates into real practices. I must say that the good disposition and dialogue between all the actors involved in the compliance ecosystem leads to vital consensus, and this really helps to promote business success.