Betway expands compliance technology partnership with Accuity
Upgraded software includes automation of AML watchlist checking process
Betway has confirmed an expansion of its existing agreement with compliance and KYC screening software provider Accuity to include an enhanced version of its customer screening software.
The operator first began working with Accuity in 2016, implementing its Firco Compliance link, an automated system that provides a consolidated summary of client account activity and notifies firms when there are potential matches between transactions and accounts appearing on regulatory watchlists.
Under the expanded partnership, the existing software will be upgraded to include the Accuity Automated Screening Manager (ASM), which will enable Betway to continuously screen its customer base against caution lists from regulators and law enforcement agencies worldwide and receive automated alerts when a potential red flag is identified.
Both watchlist matches, and non-matches alike, will be stored with a full audit trail of all data entered, reduced processing times and less manual intervention, with Betway customers benefitting from faster on-boarding.
Addressing the expansion of the existing arrangement with Accuity, Anthony Werkman, CEO Betway Group, said that the business is “dedicated to rooting out money laundering activity and developing our defences against financial crime.”
Werkman added: “The system gives me confidence that our business is equipped to operate safely and ethically, and most importantly, that our clients are protected.”
The expansion of this software is primarily due to the revised Financial Action Task Force (FATF) designated non-financial businesses and professions (DNFBPs) guidance, which expands existing AML and counter-terrorism financing regulations to include casinos and other gambling service providers.
Nick Wilson, EMEA Director for Accuity, added: “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.”