Betway is integrating the Accuity Automated Screening Manager in an effort to increase compliance and reduce processing times.
Against a backdrop of both increasing regulatory demands Betway is now working with Accuity, one of the world’s leading providers of risk and compliance, payments and know your customer solutions, to improve financial crime compliance while ensuring a smooth user experience.
The UK Money Laundering Regulations 2018 and License Conditions and Codes of Practice (LCCP) have put an increased onus on gambling businesses to understand exactly who their customers are, and the source of those customers’ funds. Failure to do so now carries extreme liability, so many companies are overhauling their compliance processes.
To screen customer accounts and transactions against regulatory watch lists, Betway had already implemented the Fico Compliance Link in 2016, and is now integrating the Automated Screening Manager (ASM).
Nick Wilson, EMEA Director, Accuity, said:
“We believe Betway is ahead of the curve, having made the shift several years ago to recruit compliance talent from the banking sector and implement a robust financial crime compliance screening programme. The business is proactively looking ahead to the next challenge, which is to optimise its operational procedures, increase efficiency and ensure a seamless customer experience.”
The Firco Compliance Link – ASM will enable Betway to constantly monitor and screen its customers against current lists from law enforcement and relevant authorities around the world, and be automatically alerted when someone is flagged.
All data is stored, including flagged and non-flagged, providing a thorough auditable trail. All of this should reduce processing times and the need for human intervention, whilst also maintaining the highest standard of financial crime compliance.
Anthony Werkman, CEO, Betway Group, commented:
“At Betway we are dedicated to rooting out money laundering activity and developing our defences against financial crime. Firco Compliance Link – ASM enables us to continuously monitor our client base, reduce false positives and demonstrate a full audit trail to regulators. The system gives me confidence that our business is equipped to operate safely and ethically, and most importantly, that our clients are protected.”
The progress made by online gambling companies such as Betway in combating illegal activities, compared with recent events like the British Columbia money laundering scandal highlights how much catching-up land-based casinos in some regions have do to.
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