HooYu survey: compliance managers prepared for Covid-19-related financial crime
KYC firm finds 93% of compliance managers expect to witness an increase in fraud and chargebacks
Compliance gaming managers are gearing up for a rise in financial crime due to Covid-19, according to a survey conducted by KYC and customer onboarding specialist HooYu.
HooYu partnered with the Malta Gaming Authority (MGA) and compliance training firm AMLGS to deliver a webinar centred on financial crime threats identified by the Financial Action Task Force (FATF).
The FATF announced earlier this month that Covid-19 is proving to be an ample breeding ground for fraud and money-laundering, due to factors such as widespread remote working, an increase in phishing and a greater emphasis on digital financial services.
During the webinar, over 30 operators were polled to determine their awareness and understanding of how Covid-19 will impact KYC and AML. Almost nine in 10 (88%) of respondents agreed that “Covid-19 presents an increased risk of money laundering and financial crime across regulated sectors”.
Additionally, 93% of respondents said they expected to see an increase in fraud and chargebacks in the aftermath of Covid-19.
David Pope, HooYu marketing director, said compliance managers working behind the scenes are vital for good KYC practice.
Pope continued: “The fines levied on operators may make the headlines but what never gets reported is the work that egaming compliance managers do to perform KYC.
“From work with our clients we see operators not only understanding the money laundering risks but also transitioning from Know Your Customer to a culture of Understand Your Customer,” he added.