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Facial recognition in currency exchange machines to prevent AML

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Currency exchange machines featuring facial recognition technology have been installed in a variety of airports and travel hubs across Europe, in a bid to streamline the user experience and safeguard against fraudulent behaviour.

Currency exchange kiosks may provide the opportunity for criminals to convert illegally obtained cash, making it harder to trace the criminal activity in line with anti-money laundering (AML) protocols. Many countries have implemented transaction limits per day for all users of currency exchange machines as one way to combat this, but this may require customers to show ID and retain detailed records.

However, Swiss manufacturer ECEX Group uses facial recognition software developed by British company Innovative Technology to implement the AI-powered biometric solution into the Automatic Currency Exchange (ACE) machines as a way to automate these transaction limits. The software is within a compact device, ICU Pro, which provides secure, immediate facial recognition that allows users to quickly and efficiently use the currency exchange services.

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The use of ICU Pro as a biometric sensor for facial recognition acts as assurance for ECEX and customers alike, helping to adhere to AML requirements by implementing intelligent customer tracking that shows a customer’s previous exchanges and ensuring they stay within their transactional limits.

Similar to how a cashier can visually regulate the amount of times a customer uses a service, the technology enables the kiosks to recognise whether a person has met the standard limits for domestic transactions before they need a passport. This limit can be set in accordance with the AML regulatory requirements of the country, providing a more secure service without intruding on customer privacy.

If the exchange limit is below the threshold, the customer’s facial information is saved locally for one day so the technology can detect whether they make further exchanges during the time period and ensure the threshold isn’t exceeded.

Hizii Denys, Technology & Administrative Officer at ECEX Group AG, said: “We chose ICU Pro for our facial recognition needs because we needed a solution that offered a quick, seamless, secure and – most importantly – compliant service for our customers. The ACE machines are intended to streamline the currency exchange process, and ICU Pro helped us to achieve that.

“The big advantage is that any biometric data cannot be accessed because of the encryption inside the device, so there is no need for GDPR concerns. Our technology is unique and we haven’t found a similar analogous solution around the world, so we’re happy to be able to implement this feature with ICU Pro.”

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The implementation of the technology comes during a period of significant public outcry at recent failures to comply with AML protocols by large organisations, and intends to make AML procedures standard within the currency exchange market. The new technology hopes to make it easier for tourists to travel with ease, knowing their money is safe and handled responsibly.

Dr. Andrew O’Brien, Biometrics Product Manager at Innovative Technology, said: “Currency exchange is a complicated process that requires responsibility and regulatory compliance from any services involved. We’re excited to partner with ECEX to enable a further level of compliance and customer security through ICU Pro. Our biometric technology has the ability to link customers’ transactions, and this approach also has exciting opportunities in Gaming, where we can help limit and protect customers from excessive gambling.”

The machines are designed to offer quick and easy access to AI-powered, secure currency exchange, in a range of handy locations including airports, hotels, train stations, banks and more. The ACE machines are already operating in Geneva Airport (Switzerland), Billund Airport (Denmark) and Boryspil International Airport (Ukraine), as well as the Hilton and Opera Hotel in Kyiv, Ukraine.

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“Royal Flash” Unveiled by PopOk Gaming – An Exciting Journey Back to Classic Slot Gaming!

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PopOK Gaming, a trailblazer in the world of iGaming, is happy to announce the launch of their latest slot game, “Royal Flash.” This classic-style slot game takes players on a fruity escapade, promising an exhilarating journey filled with excitement and grand wins fit for royalty.

Drawing inspiration from traditional fruit machines, “Royal Flash” exudes classic charm with its timeless design and iconic symbols. Set across 5×3 reels and featuring 10 paylines, this game is adorned with familiar fruit symbols such as strawberries, cherries, grapes, and the illustrious Seven symbol.

But the real excitement lies in the gameplay – each Wild symbol that graces the reels expands to form a Wild reel, ramping up the intensity and offering thrilling win potential with every spin. Additionally, keep a keen eye out for the coveted gold bar symbol; landing three or more unlocks a prize from any position on the reels, adding an extra layer of thrill to your gaming experience.

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Players can expect to bask in the glory of majestic wins, with the opportunity to claim up to 1,500 times their bet in this modernized twist on a retro-inspired classic. Whether you’re a seasoned slot enthusiast or a newcomer to the world of gaming, “Royal Flash” promises an unforgettable adventure filled with excitement, thrills, and the chance to win big!

Experience the Majesty of “Royal Flash” Today!

 

 

The post “Royal Flash” Unveiled by PopOk Gaming – An Exciting Journey Back to Classic Slot Gaming! appeared first on European Gaming Industry News.

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NuxGame’s Aggregation Platform shortlisted in EGR B2B Awards

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NuxGame, the experienced betting and casino software provider, has been recognised at this year’s EGR B2B Awards, receiving a nomination for its Aggregation Platform.

The EGR B2B Awards is one of the most esteemed events in the industry and this shortlisting solidifies NuxGame’s status as a leading casino software supplier and a one-stop shop for casino operators.

Winners are to be selected by a panel of industry experts ahead of the ceremony at The Roundhouse in London on 13th June.

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NuxGame’s aggregation platform boasts over 13,600 slots titles from 135 leading providers, which has recently been bolstered thanks to partnerships with the likes of 3 Oaks Gaming, Vivo Gaming and Hacksaw Gaming.

The nomination follows a strong year for the provider, which has made strides in player retention and acquisition tools for its aggregation platform customers with features such as free spins, network tournaments, live streamer promotions and custom thumbnails.

This latest development for NuxGame serves as a testament to its philosophy of staying ahead of the tech curve and harnessing the latest technologies to provide a bespoke and customer-centric service.

Denis Kosinsky, Chief Operating Officer at NuxGame, said: “The EGR B2B Awards is one of the most important dates in the iGaming calendar, so we are honoured that our leading casino aggregation platform has been shortlisted.

“It’s fantastic to be recognised in these prestigious awards, as we are dedicated to delivering the most innovative casino game aggregation platform for our customers.”

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The post NuxGame’s Aggregation Platform shortlisted in EGR B2B Awards appeared first on European Gaming Industry News.

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Betsson Publishes its First Quarter 2024 Interim Report

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Betsson AB has published its interim report for the first quarter of 2024.

Highlights

  • Group revenue was EUR 248.2 (221.9) million, an increase of 12%. Organic increase of 25%.
  • Casino revenue increased by 19%. Sportsbook revenue decreased by 3% and the sportsbook margin was 6.6% (8.0%).
  • EBITDA was EUR 71.6 (54.3) million, an increase of 32%. The EBITDA margin was 28.8% (24.5%).
  • Operating income (EBIT) was EUR 57.9 (43.0) million, an increase of 35%. The EBIT margin was 23.3% (19.4%).
  • Net income was EUR 42.8 (36.6) million, corresponding to EUR 0.30 (0.28) per share.
  • Operating cash flow was EUR 50.0 (48.8) million.
  • Net debt was EUR -68.1 (-104.5) million.
  • Active customers increased by 15% to 1,281,267 (1,115,641).

CEO’s Comments

“Positive start to the year for Betsson – continued high customer activity and the highest ever operating income”

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For Betsson, the first quarter of 2024 was characterised by a continued positive development with high customer activity, good growth and strengthened profitability, as well as new growth-oriented initiatives. Revenue was up 12 percent year over year, and operating income (EBIT) increased as much as 35 percent to a new record level, while the operating margin strengthened to 23.3 (19.4) percent.

After the new president in Argentina took office, a devaluation of the Argentine peso of more than 50 percent was carried out in December, which had a negative effect on reported revenue for the Group in the first quarter. Organically, revenue increased by 25 percent compared to the corresponding quarter of the previous year.

The high customer activity drove strong growth in gaming turnover for both casino and sports betting, with year-over-year increases of 14 and 25 percent, respectively. Casino revenue increased by 19 percent year over year. The sportsbook margin amounted to 6.6 (8.0) percent, which was lower than the average margin for the past two years and meant that the high activity and increased turnover in sports betting was not fully reflected in revenue for the quarter. The lower sportsbook margin particularly impacted revenue in Latin America.

Betsson’s ambition is to generate stable earnings growth in the long run. The strategy to achieve this is based on geographic diversification and growth investments within existing markets, new markets, B2B and M&A. Within existing markets, it can be mentioned that the Betsson brand was introduced on the Italian market in March, at the same time as a collaboration was started with the former superstar of Italian football, Francesco Totti. Italy remains an important market with great potential for Betsson. In addition, Betsson went live in Cordoba, Argentina during the quarter, which means that the Group now offers games under local gaming licenses in three Argentine provinces. In new markets, a new online casino offering was launched in Belgium through the acquired company betFIRST, based on the category A+ license. The license enables a complete online casino offering including slots, table games and live casino. B2B continues to be an important strategic area where previous years’ investments continue to bear fruit and continued to perform strongly during the quarter. In terms of M&A, a gaming operator licensed in the Netherlands that offers casino games via the websites www.goldruncasino.nl and www.goldruncasino.com, and a game studio that develops casino games, were acquired in February. The transaction is subject to an approval from the Dutch gambling authority before the integration work can begin.

Sustainability is an important part of Betsson’s strategy and for the second year in a row Betsson sponsored the Consumer Protection Zone at the ICE gaming fair in London. This part of the fair aims to increase knowledge about responsible gambling and all proceeds from this part go to organisations that work with responsible gambling.

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After the positive start to the year, we now look forward to following the final rounds of the European football leagues and cups, before it is time for the best national football teams to measure their strengths in the UEFA Euro 2024 and Copa America in June and July. There is football fever out there and within the entire organisation a number of activities are already underway to ensure that Betsson will be able to deliver a powerful player offering for new and existing customers during these major championships. See you this summer!

The post Betsson Publishes its First Quarter 2024 Interim Report appeared first on European Gaming Industry News.

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