July 20, 2023
Betway has become the first brand outside of EGBA’s membership to sign up to the organisation’s pan-European guidelines on anti-money laundering.
The European Gaming and Betting Association (EGBA) is pleased to announce that leading global online betting and gaming brand Betway has joined its pan-European anti-money laundering guidelines. By signing up to the initiative, Betway underlines its commitment to combatting money laundering in Europe’s online gambling sector.
As the leading trade association at European-level for the online gambling sector, EGBA developed the guidelines to strengthen the sector’s efforts in fighting financial crime and ensuring compliance with the latest anti-money laundering regulations in the EU. The guidelines, published in March 2023, provide practical and sector-specific recommendations for operators in areas such as, amongst others, customer and business risk assessments, customer due diligence processes, suspicious transaction reporting, and record-keeping.
The guidelines employ a risk-based approach to assist operators in complying with the various anti-money laundering rules in the EU, including the EU’s forthcoming AML Regulation. They were designed by a team of EGBA’s top compliance experts with consideration to both current best practices and future developments in the field.
All EGBA members must apply the guidelines automatically. As part of their participation, Betway will be required to provide yearly reports to EGBA summarising its progress in implementing the guidelines. This reporting system ensures transparency and accountability among all participating companies and provides a mechanism for tracking progress in implementing the guidelines. All participants will also meet annually to discuss progress in implementing the guidelines and consider any revisions that may be needed.
“Betway is proud to announce its full commitment to joining and adhering to the EGBA AML Guidelines and will work closely with EGBA and other industry partners to exchange best practice and strengthen collective efforts against money laundering and financial crime.” – Anthony Werkman, CEO of Betway.
“We’re delighted to have Betway join our anti-money laundering guidelines. Its decision to join shows its commitment to upholding the highest AML compliance standards. We’re determined to encourage the uptake of the guidelines among other operators who aren’t currently members of EGBA and invite interested operators to contact us. Only by working together, across the sector, can we truly raise the bar in AML standards.” – Dr. Ekaterina Hartmann, Director of Legal and Regulatory Affairs at EGBA.
On 26 April, EGBA hosted a webinar to present its new AML guidelines. For a full video recording, please visit here.