The European Gaming and Betting Association (EGBA) has issued its first pan-European guidelines to help combat money laundering within the online gambling sector. The guidelines were created with the assistance of Europe’s leading anti-money laundering compliance experts and were established to promote the highest level of industry responsibility.
The new standards have been developed to ensure that online gambling operators are compliant with the latest anti-money laundering regulations in the European Union.
The guidelines include practical, sector-specific guidance to help online gambling operators conduct risk assessments, customer due diligence, suspicious transaction reporting, record keeping, and other critical areas that require strong anti-money laundering compliance.
The standards will apply across all EU operations and will take a risk-based approach to compliance. This approach aims to support the sector in adhering to Europe’s various anti-money laundering rules, including the forthcoming AML Regulation.
EGBA members must submit yearly reports to the organisation summarising their progress in implementing the guidelines, and other operators are encouraged to participate in the initiative. The guidelines were developed following a consultation period in 2022, where industry experts and national regulatory authorities provided feedback.
The guidelines strengthen EGBA’s anti-money laundering leadership by introducing a set of standards that online gambling operators must follow to ensure the highest level of compliance with the latest anti-money laundering rules in the EU. The EGBA represents its members in various anti-money laundering forums, including the European Commission and the Financial Action Task Force (FATF).
According to Dr Ekaterina Hartmann, Director of Legal and Regulatory Affairs at EGBA, “the publication of these AML guidelines demonstrates EGBA’s commitment to ensure that Europe’s online gambling sector actively contributes towards the fight against financial crime. These guidelines provide a valuable tool to help operators achieve the highest possible standards.”
After very important propositions for European Standards on Markers of Harm, these guidelines represent a significant step forward in the fight against financial crime and will help online gambling operators comply with the latest anti-money laundering rules in the EU. By adhering to these standards, the online gambling sector will contribute to a more robust culture of anti-money laundering compliance in the industry.