Money laundering a major threat to Indian online gaming sector, says DIF report
The Hindu
Report by DIF highlights money laundering risks in Indian online gaming, recommending a whitelist for compliant operators to combat illegal activities.
Identifying money laundering as a major threat to the Indian online gaming sector’s integrity and long-term success, a report by the Digital India Foundation (DIF) has recommended that the government should establish a ‘whitelist’ of compliant gaming companies, ensuring that payment gateways and Internet Service Providers serve only the listed operators.
Also read: Regulating India’s online gaming industry
The report titled ‘Combating Money Laundering in Online Gaming Ecosystem’ said the use of international online betting sites both for the purpose of money laundering and terror financing had become a key trend in cybercrime. It suggested a dedicated taskforce for a clamp down on illegal operators, stringent Know Your Customer (KYC) practices, and action against misleading advertisements.
DIF, a not-for-profit think-tank, released the report on Thursday (October 24, 2024). It is based on a review of related literature, discussions with experts and stakeholders. The contributors included former high-ranking government officials, scientists, academicians and experts from gaming, public policy, cybersecurity, investigations and artificial intelligence fields.
As per the report, the Indian real money gaming (RMG) sector has become a key player in the global market with a compounded annual growth rate of 28% from FY20 to FY23. Its revenue is projected to reach $7.5 billion within the next five years.
“However, the report’s extensive research and consultation has shown that there are several challenges to the sector, such as issues of financial integrity, cybersecurity and user protection, that can impede progress. The severity of these challenges is underscored by the fact that the illegal betting market in India attracts over $100 billion in deposits annually,” it said.
The report raised concerns over the possible misuse of in-game assets and cryptocurrencies, and operation of illegal off-shore online betting platforms.
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