Following the release of its 2019 results, bet365 Chief Executive Denise Coates affirmed that the operator is continually analysing its approach to Anti-Money Laundering and Counter Terrorism Financing.
The firm outlines its deepened focus on the growth and development of controls in a host of areas, specifically customer transaction monitoring and customer risk profiling.
It comes as the Stoke-based operator has mapped out plans for the growth of an in-house system which enhances the management of the customer screening process with deeper flexibility so the company can evolve its processes and adapt to regulatory changes.
As the operator continues to explore the possibility of expansion, it also revealed it has ‘enhanced its internal methodology for the identification of countries posing an enhanced level of financial crime risk.’
Adding: “Formal internal auditing of AML/CTF controls was bolstered by the Group in order to help measure the effectiveness of existing controls.
“This type of review seeks to validate internal processes as risk mitigation measures, refining and prompting enhancements to internal policies and procedures to ensure that the Group is able to exemplify or exceed all standards in this area.”
The firm also commented on The European Union’s (EU) Fifth Anti-Money Laundering Directive (5AMLD), which will come into force on 10 January 2020, emphasising that ‘the group will continue to proactively tackle money laundering and terrorism financing across all territories’.
The affirmation of bet365’s focus was followed by the news this morning that the UK Gambling Commission (UKGC) has confirmed updates to its Money Laundering Regulations, which will oversee the implementation of the EU 5AMLD enforced on 10 January 2020.
Overall the result marked another significantly successful year for the operator, which is widely perceived as the leader in online betting and gambling in the industry, having won SBC’s Sportsbook of the Year award for the last five years.
The group reported a healthy 10% increase in Sports and Gaming revenue to from £2,718.6m to £2,981.6m, as well as a 12% – increase in Sports and Gaming operating profit to £767.1m.