Betway, a global online betting and gaming brand, has become the first business outside of the European Gaming and Betting Association’s (EGBA) membership to accept the organization’s pan-European anti-money laundering (AML) rules. This crucial step demonstrates Betway’s firm commitment to preventing financial crime in Europe’s online gambling industry.
As the European Union’s leading trade association for the online gambling industry, EGBA spearheaded the development of these guidelines to strengthen the industry’s collective efforts in combating money laundering while ensuring full compliance with the most recent AML regulations in the European Union. These guidelines, which will be published in March 2023, will provide operators with practical and personalized suggestions in areas including as customer and company risk assessments, customer due diligence processes, suspicious transaction reporting, and record-keeping.
The recommendations take a risk-based approach, giving operators with a clear roadmap for adhering to the EU’s many AML requirements, including the upcoming AML Regulation. The EGBA assembled a team of leading compliance professionals to design these standards, taking existing best practices and future advancements in the area into account to ensure a complete and forward-thinking framework.
Betway will automatically incorporate the guidelines into its operations as part of its commitment to the EGBA’s effort. Furthermore, the company shall provide the EGBA with yearly reports outlining its success in implementing the AML rules. This reporting system promotes transparency and responsibility among all participating organizations while also acting as a vehicle to track the guidelines’ successful implementation. Furthermore, participants will meet once a year to discuss their progress and make any required changes.
Betway CEO Anthony Werkman stated his delight in the company’s entire commitment to joining and adhering to the EGBA AML Guidelines. Werkman stated that Betway is eager to collaborate with the EGBA and other industry partners to exchange best practices and strengthen collaborative efforts to combat money laundering and financial crime.
Dr. Ekaterina Hartmann, Director of Legal and Regulatory Affairs at the EGBA, expressed joy at the addition of Betway to the list of companies that have adopted the anti-money laundering criteria. The brand’s choice to join demonstrates its commitment to maintaining the highest AML compliance standards. Dr. Hartmann stressed the need of encouraging other operators who are not now EGBA members to follow suit and adopt the principles. The association urges interested operators to contact them and join the joint effort to raise AML standards across the industry.
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