Compliance
At bwin.party we set highest standards and demonstrate compliance with the applicable requirements.
Having emerged in the late 1990s, online gaming is a relatively young industry and until recently has remained largely unregulated with most domestic laws failing to cater for the rapid development of a number of areas of eCommerce. This however is beginning to change with an increasing number of countries now seeking to introduce regulatory frameworks and licensing regimes for online gaming. As a result, the industry is experiencing an unprecedented shift towards government-sponsored regulated markets. Our long-standing leadership in the industry was founded upon setting the highest standards and this has positioned us well as we make the transition to regulated frameworks in a number of countries.
We therefore comply with a wide range of laws, rules, standards and regulations throughout various jurisdictions. These include, but are not limited to:
To demonstrate compliance with the applicable requirements, we establish a set of internal controls for all relevant processes. When implementing controls, operational units are supported by our Compliance department and the Risk & Internal Control department to ensure that controls meet all applicable regulatory requirements, are effective and meet best practice.
Our regulatory compliance also extends to preventing crime and ensuring our systems and payments remain secure. With representation on the Gaming Committee of the International Money Laundering Prevention Officers, Anti-Money Laundering Europe, the Remote Casino Working Group of the Financial Action Task Force, and the Remote Gambling Association’s ("RGA") Anti-Crime, Regulatory, International and Social Responsibility forums, the Group takes the issue of tackling crime very seriously. Our staff is required to complete an online anti-money laundering course and we comply with the European Anti-Money Laundering Directive.
The strength of our working practices is reviewed on a regular basis through a process of both internal and external audits. The Internal Audit department performs regular reviews of individual areas to test our regulatory compliance as well as the effectiveness of our policies in achieving their goals. In addition we are also the subject of numerous external audits throughout the year. In the past such audits have been performed by renowned providers such as KPMG, eCOGRA, GoodCorporation and GLI, which provides comfort as to the quality and independence of the reviews. Results from these reviews are communicated to the relevant operational teams, senior management and the Group’s Audit Committee that then take further action as appropriate. This combination of both internal and external reviews helps to ensure that any risk of non-compliance or failure can be addressed promptly and appropriately.