At G2E Asia, as operators were looking for the innovations that could propel them forward, Floyd Risk Advisory’s Benjamin Floyd cautioned everyone to get their compliance in order before going too far. To learn more about what operators need to do, Stephanie Tower caught up with him on the sidelines.

[youtube https://www.youtube.com/watch?v=z9s71sBn8qY?feature=oembed&w=500&h=281]

In his panel, Floyd emphasized Customer Due Diligence and Know Y our Customer (KYC) processes. He hammered home these items with tower, as their vital to combatting money laundering and financial terrorism.”Anti-money laundering and financial crime is an increasing area of risk and regulatory focus in the industry,” he said. “We provide advisory services relating to financial crime and anti-money laundering.”

While new payment options can offer great advantages, getting these basic compliance steps right is important to keeping the world safe. “Customer due diligence and knowing your customers really is key in this area, because you know transaction monitoring is very important and understanding your risk, so as payment innovation unfolds, if you will, and new payment types are developed, it’s really critical that you understand and know how those payments work, and who the customers are behind them,” Floyd said. “So the more you eliminate anonymity and the payment chain the more you can reduce your risk and lower your risk.”