Betway, an international online gaming platform, has showcased its dedication to tackling money laundering and financial misconduct by implementing the Anti-Money Laundering (AML) protocols established by the European Gaming and Betting Association (EGBA).
These extensive protocols, meticulously developed by a group of regulatory specialists, embody leading industry standards and aim to address both existing and evolving threats. Betway is the inaugural brand not affiliated with EGBA membership to formally pledge adherence to these benchmarks.
Released in March 2023 after a year of collaborative consultation, the EGBA’s AML protocols offer a stringent structure for operators to detect and minimize hazards linked to money laundering and the funding of terrorism. The protocols encompass crucial aspects such as business risk evaluations, client due diligence processes, and the notification of questionable activities.
Betway’s Chief Executive Officer, Anthony Werkman, highlighted the company’s commitment to upholding these benchmarks, stating, “Betway takes pride in announcing its complete adherence to adopting and observing the EGBA Anti-Money Laundering protocols. We anticipate cooperating with the EGBA and other industry allies to exchange effective practices and reinforce our joint endeavors in combating money laundering and financial wrongdoings.”
Although not presently an EGBA member, Betway will engage in yearly evaluations of the protocols and present annual summaries to the association, further solidifying its commitment to openness and responsibility in its operations.
We were delighted to have Betway join the EGBA’s financial crime prevention protocols,” stated Ekaterina Hartmann, Director of Legal and Regulatory Affairs at EGBA. “Their dedication to maintaining the highest benchmarks against illicit finance is praiseworthy, and we urge other providers to do the same.”
Hartmann continued, “Only through collaborative industry-wide efforts can we effectively elevate the standards against money laundering.”
This news follows Betway’s recent alliance with Major League Baseball in the U.S., further cementing their position within the international sports arena.
