COMPLIANCE-LED PAYOUTS: REDUCE RISK (FREE WEBINAR)
Compliance + Payment: integration reduces risk
Too often, compliance is treated as an extra responsibility, separate from the product or service you provide. But regulation is a licence to operate. Without weaving it into how you deliver your product, risk management is left to happen after the fact.
Regulatory posture
AUSTRAC (Australian Transaction Reports and Analysis Centre) is clear that effective AML (anti-money laundering) risk management is an expectation. Across its recent enforcement matters, the same themes recur: understand your risk, act to mitigate it and make sure your people know what to do about it.
AUSTRAC does not issue a licence to operate a pub or club, but you must comply with AML laws to keep operating. In practice, offering electronic gaming machines (EGMs) means meeting four expectations:
- Know what money-laundering risks are present with EGMs
- Have controls that let you detect and mitigate that risk
- Ensure your people are trained and know which controls they operate
- Review how effective you are at being responsible to the community you serve
The payout at $5,000 and above
A payout of $5,000 or above triggers key AML obligations and is the natural point to meet AUSTRAC’s expectations. With a winner engaged with your staff, you can:
- Confirm the person is who they say they are (identity verification)
- Determine whether they present a higher risk of money laundering — for example, are they a politically exposed person (PEP)?
- Ask how and why they use EGMs, to surface any indicators of ML (money laundering) risk
- Establish what they want to do with their winnings — where is the money being sent?
Moving from making a payment, to a compliance-led payment
All four outcomes are possible once your customer has won money and is motivated to work with you to receive their winnings. This proactive approach integrates your product with compliance. The Cruz Payouts platform provides a way to manage both payout and compliance with your winner:
- Link the winnings from an EGM to a payment
- Know your winning player
- Determine whether they carry any high-risk ML attributes
- Record any actions or investigations about the winning player
- Know where the bank payment goes — does the account name match the person you identified?
Cruz’s compliance-led payments provide control at the point where it is needed.
See it in action
Join our free webinar on the 21st of July at 10:30am AEST for a live demo and a walk-through of what compliance-led payouts mean for your venue
