According to an announcement by the European Gaming and Betting Association, Betway Adopts EGBA Anti-Money Laundering Guidelines. The announcement was made yesterday by the EGBTA and represent a big victory for them.
As a leading online sports betting company, Betway adopting the EGBA Anti-Money Laundering Guidelines is a big step forward. In addition, Betway is the first non-EGBA member to embrace the EGBA Anti-Money laundering Guidelines. Thus, in an industry known for focusing on profit, Betway adopting those guidelines will help the EGBA fight financial crime.
In addition, using the EGBA Anti-Money Laundering Guidelines ensuring compliance with the latest anti-money laundering regulations in the EU. According to the Sportsbook Pay Per Head industry, these guidelines were first put in motion in march of 2023. They were also made by EGBA’s top compliance experts to cover current best practices and future developments in the field.
In addition, they provide practical and sector-specific recommendations for operators. They include topics such as, customer and business risk assessments, customer due diligence processes, suspicious transaction reporting, and record-keeping.
With Betway using the EGBA Anti-Money Laundering Guidelines, it will also send a message to other non-EGBA member. Thus, the EGBA is hoping that more non-members will also come forward and adopt these guidelines.
Betway Adopts EGBA Anti-Money Laundering Guidelines to Fight Money Laundering
Betway CEO, Anthony Berkman said they are “proud to announce its full commitment to joining and adhering to the EGBA AML Guidelines”. In addition, they intend to work with EGBA and other industry partners to exchange best practice against money laundering.
For Betway, this means that they will be providing annual reports to EGBA and attend any meetings. Betway has been doing a lot of work this year to expand and increase their position as a gaming industry leader. Just last week, Betway became the official partner of Major League Cricket.
The European Gaming and Betting Association (EGBA) is the major leading trade association that represents leading online gambling operators. Furthermore, they are known in Europe for working with nations and authorities to protect consumers. In addition, EGBA’s member companies have 225 online gambling licenses to provide their services to 29.8 million customers across Europe.