Betway joins EGBA’s Anti-Money Laundering Guidelines initiative
The guidelines were created by a team of compliance industry experts, taking into consideration both the best practices at the time of creation and potential future developments.
Betway, a casino and sports betting operator, has joined the European Gaming and Betting Association (EGBA) Anti-Money Laundering guidelines, as the first brand outside of the EGBA’s immediate membership to do so.
The most recent iteration of these Anti-Money Laundering (AML) guidelines was released on 6 March 2023, following a consultancy period from the year before.
The EGBA guidelines had a heavy focus on anti-money laundering and terrorist financing, alongside business risk assessments, customer due diligence processes, suspicious transaction reporting and other areas which require strong AML compliance
Anthony Werkman, Betway CEO, said: “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.”
Any member of EGBA must automatically adhere to the guidelines, as well as meet annually to discuss progress and any revisions that they believe should be made.
Although Betway currently stands outside of the membership, as part of the programme, it will still provide annual reports to EGBA and attend any meetings.
Ekaterina Hartmann, Director of Legal and Regulatory Affairs at EGBA, said: “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.”
Last week, Betway also confirmed that it would be the Official Partner of Major League Cricket ahead of the season starting over in the US.
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