Betway Ghana organised a workshop last week in Accra to engage the various stakeholders on how to ensure regulatory compliance in the sports betting industry. Over 20 participants, made up of representatives from the Gaming Commission, Financial Intelligence Centre and Cyber Crime Unit- Ghana Police Service attended the compliance workshop.
The workshop created a platform for the various stakeholders to share views and information on, the betting landscape in Ghana, Anti Money Laundering (AML) & Combating Financing Terrorist (CFT) Compliance and Data Protection Compliance.
Country Manager – Operations, Magnus Rex Danquah further explained mechanisms in place on the online platform to help control and monitor underage betting, financial risk and other suspicious activities. He also mentioned that Betway would continue to subject itself to regulatory compliance.
“We have a very experienced and well diversified risk and fraud team, that’s capable of identifying risk elements from an abuse and money laundering perspective. The risk team executes certain risk and AML reports to identify any risk of Money laundering, such as identifying the customers with little to no wagering. Assessments are performed on those accounts, in order to identify and mitigate any potential money laundering activities that may present itself through the investigation.”
Dr. Gustav Yankson, Director, Cyber Crime Unit (Ghana Police Service) also highlighted his commitment to push a collaborative effort to combat emerging cyber fraud in the Ghanaian gaming industry.
Abena Addo-Mensah, Deputy Director, Operations at the Gaming said the commission is working with all stakeholder to ensure stricter regulations. “We have been working with the FIC and the Ghana Police Service in terms of money laundering to come up with AML/FCT guidelines because sports betting is an avenue for money laundering. We have come up with a comprehensive guideline with operators in the space so we are not found wanting and these guidelines would be unveiled soon,” she said.
Seth Nana Amoako, Head of Compliance at the Financial Intelligence Centre (FIC), stressed that the gaming sector is very vulnerable to money laundering and financing terrorism, therefore these guidelines would come to help players avoid these issues which have the potential to cause harm to Ghana’s investment opportunities.
Gifty-Rita Amoah, Head of Legal, Gaming Commission, noted that in order to curb the incidents of money laundering, all players must work together. She noted that the guidelines would include limits on transactions, which are currently unavailable, flagging of suspicious transactions, and increased regular reporting of activities and transactions by casinos sports betting companies.
Ms. Amoah noted that the guidelines would include a range of sanctions, with the most severe being criminal charges filed against individuals and companies found to flout rules and regulations and the revocation of licences to such individuals and or companies in the industry.
Similar sessions will be held with media and stakeholders in Takoradi and Kumasi in the coming weeks.
The Betway Group is a leading provider of first-class entertainment across sports betting and casino. Launched in 2006, the company operates across a number of regulated online markets and holds licences in Kenya, Uganda, Ghana, South Africa, Zambia, Mozambique and Nigeria.
Betway prides itself on providing its customers with a bespoke, fun and informed betting experience, supported by a safe and secure environment. Sports Betting Group Ghana Limited powered by Betway is licensed by the Gaming Commission of Ghana. Betway is also the official principal sponsor of Ashanti Gold SC, Aduana Stars FC and Liberty Professionals FC.
