The European Gaming and Betting Association (EGBA) has published new pan-European guidelines to strengthen the anti-money laundering (AML) disciplines of licensed operators working across Europe.
The guidelines provide sector-specific best practices on industry AML standards to help operators and stakeholders apply a risk-based approach to manage their compliance duties.
Guidance provided by the trade body recognises the complexities of operators managing regulatory AML standards that must comply with EU, individual state and further supranational authority rules.
“We’re pleased to present the first ever pan-European industry standards on anti-money laundering for Europe’s online gambling sector,” explained Dr Ekaterina Hartmann, Director of Legal and Regulatory Affairs, EGBA.
“Preventing online gambling from being used to hide the proceeds of crime is an important test for Europe’s gambling operators – but there’s currently very little sector-specific guidance to help operators in their compliance efforts. We hope these guidelines will fill this gap and lay strong foundations for the sector to achieve the highest possible standards in AML compliance.”
Supporting European operators, the guidelines have been developed with the consideration of the EU implementing the rules of its ‘6th Directive on AML and Counter-Terrorism Financing (CTF)’, with new AML measures presented to member states this summer.
EGBA guidelines include practical advice on how to conduct customer and business risk assessments, alongside improving customer due diligence and cooperation on ID checks.
Technical recommendations are provided on monitoring suspicious transactions and maintaining record-keeping requirements. Furthermore, best practices are recommended on the intricacies of managing the ‘relationship between AML and safer gambling’.
Industry stakeholders have been invited to submit feedback on the pan-European guidelines by 13 October, following which the EGBA will publish further ‘finalised guidelines’ to help industry stakeholders.
Hartmann concluded: “It’s important to gather expertise across the sector and we invite stakeholder feedback on the guidelines to ensure that, together, the sector can contribute positively and proactively to Europe’s fight against money laundering.”