SBM Monaco

SBM nominated for the Legal Innovation Awards

The SBM nominated for the Legal Innovation Awards thanks to its tailor-made software which brings together elements of KYC, data automation and management of compliance files as part of the fight against money laundering and the financing of terrorism (AML-CFT).


The Société des Bains de Mer (SBM), international company based in Monaco, leader in the luxury hotel and casino sector, participates this year in the Legal Innovation Awards thanks to the creation of its software for the fight against money laundering, terrorist financing and corruption. The Legal and Compliance Department of the SBM (which has a total of 3,800 employees) comprises 10 employees, and is represented by Emmanuel Van Peteghem, General Counsel and Cédric Plantavin, Legal Manager and Compliance, Caroline Le Bouedec, Legal Assistant and Julie Braconi, Lawyer & Compliance Officer, who are responsible for the AML-CFT and anti-corruption activities, particularly targeting casinos.

The exchanges by email, telephone, internal letters make the processing time extremely long in a field where everything goes very quickly and on a “live” activity open day and night, 7/7. Until now, the files analysis was carried out manually and involved the transfer of files and heavy documentation between two departments (that of the casino and the legal and compliance department). No “ready to use” solution was available on the market to possibily combine the elements of KYC, data automation and compliance files management.

The SBM project consists of the creation of an unprecedented software, operating as a real platform for exchange between the Legal Department and the operational staff, as part of the fight against money laundering and the financing of terrorism (AML-CFT). It enables extremely in-depth customer knowledge within a very short timeframe, as well as real-time monitoring of the progress of compliance files created by dedicated teams and the logging of decisions taken. The implementation of the computerized tool allows the compilation of knowledge-customer information and automatic interface with the Casino Management System, the management of cases leading eventually to a declaration of suspicion and the archiving of cases.

The tool saves time in the processing of files, in particular thanks to the compilation of the client’s documentation in the same compliance file, the history of all files, the clear communication and better dissemination of information between departments (treasury, operational teams, legal department, “customer loyalty” team), the creation of reports based on selection of criteria (nationality, playing period, game movements, politically exposed person, etc.).

The Legal Innovation Awards is held every year in order to finally highlight flagship projects to promote a new image of the legal function in companies and help legal departments to better position themselves both with their internal clients and with decision makers. During this event, a Jury Award is given each year after the selection by the Jury during a pitch day of each legal department (the Grand Oral of legal departments) and a Public Award allowing everyone to vote online for innovations viewed on video.

The Jury and the Public Awards for Innovation in Legal Management will be given on June 24, 2021 during Legal Management Day in Paris.

To vote for one of the 6 finalists, follow this link

Source: SBM, Innovation Jurique

Post Author: Wealth Monaco