Betway, the online gambling company, is working with Accuity, the leading global provider of risk and compliance, payments and know your customer solutions, to optimise its financial crime compliance screening capability at a time when gambling firms are under pressure to balance regulatory demands with maintaining a seamless customer experience.
The UK Money Laundering Regulations 2018 and the Licence Conditions and Codes of Practice (LCCP) are pushing many gambling firms to take greater responsibility for understanding who their customers are and whether it is safe or ethical to do business with them. For many, this has meant a significant shift in culture as well as a move to implement additional compliance processes, which can be costly and time consuming.
Having implemented Firco Compliance Link, an Accuity solution for screening customer accounts and transactions against regulatory watch lists in 2016, Betway is now upgrading the technology to include the Automated Screening Manager (ASM), providing the compliance team with fast, consolidated intelligence on positive matches. The enhanced solution will enable Betway to provide an efficient service to its growing community, whilst continuing to adhere to the increasingly stringent compliance obligations placed on financial services firms and designated non-financial businesses and professions (DNFBPs).
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.”
With most gambling activity being cash heavy and non-face-to-face, it is vital that screening is not a one off activity. By implementing Firco Compliance Link – ASM, Betway will be able to continuously screen its customer base against caution lists from major sanctioning bodies and law enforcement agencies worldwide, and receive automated alerts when a potential red flag is identified. Hits and non-hits alike will be stored, providing a full audit trail of all data entered, rather than just those where positive matches are made. Betway will benefit from reduced overall processing times and manual intervention, improving the customer experience through faster on-boarding whilst also operating at a high standard of financial crime compliance.
Anthony Werkman, CEO, Betway Group, said: “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.”
For more information, please contact:
Imogen Nash, Accuity
Tel: +44 (0)7789 924 920
Francesca Bliss, Cognito
Tel: +44 (0)207 426 9406
Notes to editors
The Betway Group is a leading provider of first-class entertainment across sports betting, casino, bingo and poker. Launched in 2006, the company operates across a number of regulated online markets and holds licences in the UK, Malta, Italy, Denmark, Spain, Belgium, Germany and Ireland.
Based in Malta and Guernsey, with support from London, Isle of Man, Stockholm and Cape Town, the Betway team comprises over 1,000 people.
Betway prides itself on providing its customers with a bespoke, fun and informed betting experience, supported by a safe and secure environment.
Betway is a member of several prominent industry-related bodies, including ESSA, the Independent Betting Adjudication Service (IBAS) and the Remote Gambling Association (RGA), and is accredited by trusted international testing agency eCOGRA. It is also a partner of the Professional Players Federation (PPF) and is a donor to the Responsible Gambling Trust.
In addition to the flagship Betway brand, the Betway Group operates a number of other brands including Dream Bingo, Bingo on the Box, Spin Casino and the Hippodrome Online Casino. For more information about Betway’s various products and licenced brands, please visit www.betwaygroup.com.
Accuity offers a suite of innovative solutions for payments and compliance professionals, from comprehensive data and software that manage risk and compliance, to flexible tools that optimize payments pathways. With deep expertise and industry-leading data-enabled solutions from the Fircosoft, Bankers Almanac and NRS brands, our portfolio delivers protection for individual and organizational reputations.
Part of RELX Group, a world-leading provider of information and analytics for professional and business customers across industries, Accuity has been delivering solutions to banks and businesses worldwide for 180 years.
About the Fircosoft portfolio of solutions
As illegal financial activities increase around the globe, so has the danger to the reputations of payments and compliance professionals. Fircosoft’s portfolio of innovative data-enabled technology solutions, delivered through a high-touch consultative partnership, helps these professionals manage risk and avoid damage to the good names of individuals and organisations.
Fircosoft’s pioneering sanctions screening – for transaction, account and trade screening – and data solutions set the standard for the industry, and our trade compliance expertise is unmatched. Fircosoft’s innovative software is so powerful, it is deployed by nine of the world’s top ten banks— yet it can be scaled to meet the specific needs of any organisation.
About the Firco Compliance Link Automated Screening Manager
The Firco Compliance Link Automated Screening Manager (ASM) provides intelligent, automated account screening, consolidated information and a complete audit trail. It increases efficiency and saves time by monitoring input and Global WatchList® data, to detect any changes. The workflow notifies assigned users when they are required to review a case and presents consolidated match information for that record. The comprehensive audit trail shows every step in the compliance process for each record – even for those that did not produce matches.