Betway becomes the first brand outside of EGBA members to sign up to the organisation's pan-European anti-money laundering guidelines
The European Gaming and Betting Association (EGBA) is pleased to announce that Betway, the world's leading online betting and gaming brand, has joined its pan-European anti-money laundering guidelines. By signing up to the initiative, Betway is underlining its commitment to the fight against money laundering in the online gambling sector in Europe.
As the leading European trade association for the online gambling industry, EGBA has developed the guidelines to strengthen the industry's efforts in the fight against financial crime and ensure compliance with the latest EU anti-money laundering regulations. The guidance, released in March 2023, provides industry-specific and practical recommendations to practitioners in areas such as, among others, client and business risk assessment, client due diligence processes, reporting suspicious transactions and maintaining records.
The guidelines use a risk-based approach to help traders comply with various EU anti-money laundering rules, including the forthcoming EU anti-money laundering regulation. They have been developed by a team of EGBA compliance experts, taking into account both current best practices and future developments in the industry.
All EGBA members must automatically apply the guidelines. As part of their participation, Betway will be required to provide EGBA with an annual report on its progress in implementing the guidelines. This reporting system ensures transparency and accountability among all participating companies and provides a mechanism for monitoring progress in implementing the guidelines. All participants will also meet annually to discuss progress in implementing the guidelines and to evaluate any necessary revisions.
“Betway is proud to announce its full commitment to adhere to EGBA's anti-money laundering guidelines and will work closely with EGBA and other industry partners to exchange best practices and strengthen collective efforts against money laundering and financial crimes,” he said Anthony Werkman, CEO of Betway.
“We are delighted that Betway has adhered to our anti-money laundering guidelines. Your decision to join demonstrates your commitment to uphold the highest standards of anti-money laundering compliance. We are determined to encourage the adoption of the guidelines by other practitioners who are not currently members of the EGBA and we encourage interested practitioners to contact us. Only by working together, across the industry, can we truly raise the bar on anti-money laundering standards,” he said Ekaterina Hartmann, Director of Legal and Regulatory Affairs at EGBA.
On April 26, EGBA organized a webinar to present its new anti-money laundering guidelines. For the full video recording, click , here.
