Online gambling operators falling foul of AML and responsible gambling requirements seems to be a recurring news item in the press at the moment. In fact, only last week, the UK Gambling Commission handed down a fine in excess of £5 million. A quick analysis of these fines reveals that a common thread is the operator’s failure to adequately establish their customer’s Source of Funds.
Understanding a customer’s source of funds is essential for protecting against everything from gambling-related harm to money laundering and terrorist financing, so conducting effective due diligence is a vital part of on-boarding and monitoring customers through their lifecycle.
At HooYu, we already support and work with a lot of gaming operators, not just on Know Your Customer (KYC) but also on what at HooYu we call, Understand Your Customer (UYC).
The customer journey for getting Source of Funds evidence
Our customer journey UI and UX is why operators are choosing to turn to us to help them achieve KYC and success in customer on-boarding using HooYu Identify. In the main, Identify is used to capture and validate identity documents and address information at the point of customer on-boarding. However, our customer journey tools are also now valued by operators as a vehicle to obtain evidence on Source of Funds. The point at which a customer triggers a Source of Funds requirement, the HooYu journey kicks in again and an in-app notification or an SMS/email can be initiated asking the customer to take a photo of or upload bank statements, payslips or other required documentation.
This automated way to gather Source of Funds evidence is enabling operators to speed up how quickly they can get source material to make affordability decisions and is enabling compliance staff to spend time analysing customer affordability instead of chasing down Source of Funds evidence by email and phone or snail mail.
To find out more about HooYu Identify visit HERE
Back-office Enhanced Due Diligence tools for Source of Funds
Many operators in the UK, Malta and further afield use HooYu Investigate, our back-office enhance due diligence platform. Investigate gives operators the data and visualisation tools to conduct Understand Your Customer (UYC) checks, by providing a wealth of intelligence about a customer. Operators can investigate a customer to build financial intelligence such as CCJ’s and negative financial indicators, property intelligence and property ownership, and business intelligence such as directorships and shareholdings.
Our unique knowledge graphs help gaming operators to see links that would normally be invisible and even identify accounts that may be actually operated by the same customer.
To find out more about HooYu Investigate visit HERE