Betway to follow EGBA’s anti-money laundering guidelines

Betway has joined the European Gaming and Betting Association (EGBA)’s pan-European anti-money laundering guidelines. 

By signing up to the initiative, the SuperGroup-owned gambling company aims to highlight its commitment to combating money laundering in Europe’s online gambling sector.

Anthony Werkman, CEO of Betway, said: “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.”

The EGBA developed the guidelines to strengthen the sector’s efforts in fighting financial crime as well as ensuring compliance with the latest anti-money laundering regulations in the EU. 

Published in March 2023, they provide practical and sector-specific recommendations for operators in areas such as, amongst others, customer and business risk assessments, customer due diligence processes, suspicious transaction reporting and record-keeping.

The operator will now be required to provide yearly reports to EGBA summarising its progress in implementing the guidelines. 

The EGBA detailed that this reporting system ensures ‘transparency and accountability’ among all participating companies and provides a mechanism for tracking progress in implementing the guidelines. 

All participants will also meet annually to discuss progress in implementing the guidelines and consider any revisions that may be needed.

“We’re delighted to have Betway join our anti-money laundering guidelines,” added Dr. Ekaterina Hartmann, Director of Legal and Regulatory Affairs at EGBA. “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.”