Betway, a prominent casino and sports betting operator, has taken a significant step in combatting money laundering and ensuring regulatory compliance. The company has become the first brand outside of the European Gaming and Betting Association’s (EGBA) immediate membership to commit to the EGBA Anti-Money Laundering (AML) guidelines. These guidelines, with a renewed focus on anti-money laundering and terrorist financing, underscore Betway’s dedication to fostering industry-wide efforts against financial crime.
Betway’s Pioneering Commitment:
Betway’s CEO, Anthony Werkman, expressed pride in the company’s full commitment to adhering to the EGBA AML Guidelines. He emphasized Betway’s willingness to collaborate with EGBA and other industry partners to exchange best practices and strengthen collective endeavors in combating money laundering and financial crime.
EGBA’s Robust AML Guidelines:
The most recent iteration of EGBA’s AML guidelines, released on 6 March 2023, follows a consultative process from the preceding year. These guidelines encompass a wide range of AML-related aspects, including anti-money laundering and terrorist financing measures, business risk assessments, customer due diligence processes, suspicious transaction reporting, and other critical areas requiring stringent AML compliance.
Membership Benefits and Responsibilities:
While Betway currently stands outside of the EGBA’s immediate membership, its commitment to the AML guidelines entails providing annual reports to EGBA and participating in relevant meetings. EGBA members are automatically bound by these guidelines and engage in annual discussions to assess progress and propose revisions when necessary.
EGBA’s Encouragement to Industry Peers:
Ekaterina Hartmann, Director of Legal and Regulatory Affairs at EGBA, expressed delight in Betway’s decision to join the anti-money laundering guidelines. She underscored Betway’s commitment to upholding the highest AML compliance standards and extended an invitation to other operators not currently affiliated with EGBA to explore adopting these guidelines. Hartmann emphasized the importance of industry-wide collaboration in elevating AML standards.
Betway’s commitment to the EGBA Anti-Money Laundering Guidelines sets a commendable precedent for the industry’s efforts to combat financial crime. As the first brand outside of EGBA’s immediate membership to embrace these guidelines, Betway demonstrates its dedication to regulatory compliance and fostering a safer gambling environment. This move underscores the significance of collective action in raising the bar for AML standards across the sector.