As COVID-19 continues to change the regulatory landscape across the globe, the betting sector plays a key role in evolving and adapting AML procedures for all high-risk businesses.
Speaking to Payment Expert, William Hill’s Group Director of AML Steven Armstrong emphasised the importance of the industry’s ability to pull together when it comes to AML innovation.
Armstrong stated: “As an industry, we are a leader in certain ways, this is mainly around developing systems and in-house solutions to AML innovation. The industry is great at pulling together and working on solutions and innovations. We are also attracting more and more talent from other industries which is great, that knowledge and cross over will only continue to improve our industry in the AML field.
“Sometimes what holds us back as an industry is that we get priced out of utilising AML innovation from other industries, banking tools that would fit perfectly in our world often are too expensive, and we are priced out. A message to other industries would be to invite us to the table to help, share and learn, let’s be collaborative in the fight against financial crime.
“During the current global health pandemic, adapting AML and regulatory procedures is imperative as firms seek to manoeuvre through the challenging period.”
On how the current global health crisis has forced regulatory changes, he added: “It is adding layers of complexity in regards to operations and managing resources remotely for all of us. I would not say that operators are having to be more stringent, instead it is a matter of refocusing their risk appetite.
“An operator is constantly adapting to the changing landscape and as much as this pandemic is something never seen before in our times, operators adjust, rework and manage their risk accordingly. I am certainly proud to work in an industry that has reacted and refocused in the current difficult times.”