Betway has joined the European Gaming and Betting Association’s initiative on pan-European anti-money laundering guidelines.
Despite not being a member of the EGBA, the operator has signed up to the Brussels-based trade association’s pan-European AML initiative, to help combat money laundering, fight financial crime and be compliant with the latest EU AML regulations.
Published earlier this year in March, the guidelines supply operators with practical and sector-specific recommendations on customer and business risk assessments, due diligence processes, suspicious transaction reporting, and record-keeping.
Anthony Werkman, CEO of Betway, commented: “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.”
Designed by the EGBA’s compliance experts and taking into account best practices and future developments, the guidelines also provide operators with a “risk-based approach” to comply with various EU AML rules including the upcoming AML Regulation.
By joining the EGBA initiative, Betway must supply the organisation with yearly reports on how the guidelines are being implemented, ensuring transparency and accountability.
All EGBA members must apply the guidelines automatically and all participants will meet annually to discuss implementation progress and revisions that may be needed.
Dr Ekaterina Hartmann, Director of Legal and Regulatory Affairs at EGBA, added: “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.”
Earlier this month and following the publication of its annual Sustainability Report, EGBA called for “greater engagement, responsibility, and cooperation between stakeholders both inside and outside the industry”.
