Betting News

Betway joins EGBA’s AML guidelines initiatives

Betway has announced that it has now joined the Anti-Money Laundering guidelines laid out by EGBA, becoming the first non-member to do so. EGBA here stands for European Gaming & Betting Association. Anti-Money Laundering guidelines, also known as AML guidelines, have been drafted to prevent the illegal flow of funds. This means that the money cannot, and should not, end up in the hands of those who are malicious actors.

It goes on to include terror financing, suspicious transactions, and high business risk.

Guidelines by EGBA carefully look into these aspects to make sure that there is a potential future for the industry. Guidelines have been created in consultation with industry experts. It makes sure that not just the recent incidents are accommodated, but future developments are also taken into consideration.

The most recent iteration was laid out on March 06, 2023. It was done only after a year of consultation. The focus is heavily on anti-money laundering activities along with business risk assessment and identifying transactions that are suspicious in nature.

All the brands that become a member of EGBA are automatically expected to adhere to the guidelines. They are also expected to hold an annual meeting to discuss what kind of updates are required to the guidelines. Betting ventures or gambling platforms are no exceptions to these criteria. Their annual meeting has to cover all the progress that has been made in the last year.

Overall, the meeting cannot be held for them to pass their time. It has to be productive with an eye for the future so that everyone is on the same page and the future is secure.

Betway is not an immediate member of the Association; however, it has agreed to be a part of all the annual meetings that will be held. Betway will also present its annual reports as a member of the program. This is indeed a positive development for the online casino brand that is famously known to offer sports betting in regulated regions. One can check the detailed Betway review for more information on sports betting games.

Anthony Werkman, the Chief Executive Officer of Betway, has expressed their pride in becoming a member of the program, stating that they are going to fully commit to the initiative by adhering to the guidelines and by working closely with EGBA in their fight against money laundering & financial crime.

Ekaterina Hartmann, the Director of Legal & Regulatory Affairs at the Association, has responded to the statement by saying that they are delighted to have Betway as a participant. Hartmann has further said that the participation of Betway shows its commitment to upholding the compliance standards of AML.

The Association has assured that they are determined to encourage all the brands to follow the best practices, including the ones who are not on the list at the moment.

The development for Betway follows the announcement wherein it shared that the brand will be the official partner of Major League Cricket.

David Bright

David Bright joined Times of Casino as a news writer focused on the casino industry. He holds a bachelor degree in Economics and Accounting and currently contributing in-depth news articles. David writes on the casinos, gambling legislation, poker, and much more.

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