European Gaming and Betting Association welcomes the EU Anti-Money Laundering Framework Package approved by the European Parliament.
The EGBA is of the opinion that the new changes are a step in the right direction for the EU to combat money laundering. They also believe the standardisation of AML reporting and rules across all member states will benefit online gambling operators.
The new package, which is expected to be adopted by the Council of the EU in May before it’s published in the Official Journal of the EU, will include:
- One rulebook – provisions for due diligence, the transparency of beneficial ownership and use of cryptocurrency assets.
- Sixth Anti-Money Laundering Directive: national provisions on national AML authorities and supervision, and on access to reliable and necessary information by authorities.
- In conjunction with the national AML agencies, AMLA will be able to supervise and investigate compliance with AML regulations.
The EGBA also noted that the AMLA will be able to benefit online gambling operators by creating a harmonised format of reporting suspicious transactions, ensuring that the AMLA has the same STR requirement across all member states, and setting clear expectations and reducing administrative costs.
Dr Ekaterina Hardmann Director of Legal and Regulatory Affairs at EGBA commented, “We are pleased that the European Parliament has approved the new package against money laundering. This new framework is designed to ensure that AML regulations are applied consistently across Europe and at high standards.
Online gambling operators will be able to benefit from the harmonisation of reporting and rules, which will simplify national issues. Our industry’s guidelines for AML will be reviewed to make sure they are in line with new EU regulations.
The EGBA released industry-specific AML Guidelines last year to assist operators in complying with the new regulations. The guidelines are based on a risk based approach, and they include measures operators can implement, such as customer risk assessment, due diligence, reporting suspicious transactions, and keeping records.
The guidelines have been used by members who submit annual progress reports summarizing their measures implementation to the association. These guidelines are open to any operator based within the EU.
Hartmann said: “By committing to these guidelines, operators are preparing themselves for future changes to EU regulations and can join their members’ efforts to actively and positively participate in the EU fight against money laundering.
