Betway Takes a Stand Against Money Laundering by Embracing EGBA’s Guidelines

Betway, a leading global online betting and gaming brand, has become the first non-member of the European Gaming and Betting Association (EGBA) to adopt the organization’s pan-European anti-money laundering (AML) guidelines. 

To bolster the fight against financial crime

As the foremost trade association representing the online gambling industry at the European level, EGBA developed these guidelines to bolster the sector’s fight against financial crime and ensure compliance with the latest AML regulations in the EU. The comprehensive guidelines, released in March 2023, offer practical and industry-specific recommendations for operators, including customer and business risk assessments, customer due diligence processes, suspicious transaction reporting, and record-keeping.

The guidelines adopt a risk-based approach to assist operators in adhering to the diverse AML rules in the EU, including the forthcoming EU AML Regulation. EGBA’s top compliance experts designed the guidelines by considering current best practices and anticipating future developments in the field.

While all EGBA members must automatically apply these guidelines, Betway’s voluntary participation signifies its commitment to adopting the highest AML compliance standards. As part of its involvement, Betway will be required to submit annual reports to EGBA, summarizing its progress in implementing the guidelines.

This reporting system ensures transparency and accountability among all participating companies and enables progress tracking. Additionally, participants convene annually to discuss implementation progress and consider any necessary revisions.

“Full Commitment”

Anthony Werkman, CEO of Betway, stated, “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 practices and strengthen collective efforts against money laundering and financial crime.”

Dr. Ekaterina Hartmann, Director of Legal and Regulatory Affairs at EGBA, expressed delight at Betway’s decision to join their AML guidelines. She emphasized that the organization aims to encourage more operators who are not currently EGBA members to adopt the guidelines, asserting that collaboration across the sector is crucial to raising AML standards collectively.