In an industry-first, renowned online betting brand Betway has pledged to the European Gaming and Betting Association‘s pan-European guidelines aimed at combating money laundering. This commitment, transcending EGBA membership boundaries, solidifies Betway’s resolve to actively participate in the fight against financial crimes within Europe’s online gambling sector.
EGBA, a leading European trade association for the online gambling industry, created these guidelines as a concrete step to reinforce the sector’s endeavors against financial malfeasance.
By focusing on crucial areas such as customer and business risk assessments, customer due diligence processes, suspicious transaction reporting, and record-keeping, the guidelines unveiled in March 2023 offer practical recommendations for operators.
EGBA’s Rigorous Approach
These guidelines, built on a risk-based approach, aid operators in navigating the labyrinth of anti-money laundering rules across the EU, including the forthcoming AML Regulation.
Designed by EGBA’s top compliance experts, they align with current best practices and future advancements in the field.
Participation in the EGBA guidelines is not a mere formality. Betway, like other members, will need to submit annual progress reports, promoting transparency and accountability among participants.
This system also helps track the implementation of guidelines. Additionally, participants will gather yearly to discuss progress and potential revisions to the guidelines.
Anthony Werkman, CEO of Betway, expressed his firm’s commitment to the cause, saying, “Betway is proud to announce its full commitment to joining and adhering to the EGBA AML Guidelines… strengthen collective efforts against money laundering and financial crime.“
Implications for the iGaming Industry
Betway’s significant move towards the adoption of EGBA’s guidelines signals noteworthy consequences for the iGaming industry:
- Raised Standards: More companies might follow Betway’s lead, raising the industry-wide standards for anti-money laundering measures.
- Collective Action: Betway’s participation can foster increased cooperation among operators, enhancing collective defense against financial crime.
- Enhanced Trust: This move could boost public confidence in the iGaming industry by demonstrating its commitment to ethical practices and financial transparency.
Dr. Ekaterina Hartmann, Director of Legal and Regulatory Affairs at EGBA, welcomes Betway’s decision, highlighting that “only by working together, across the sector, can we truly raise the bar in AML standards.” This event marks a critical juncture in the battle against money laundering within the iGaming industry, hinting at a brighter, safer future for online betting.