SBC News EGBA new guidelines ensure Europe’s fight against financial crime

EGBA new guidelines ensure Europe’s fight against financial crime

The European Gaming and Betting Association (EGBA) has published its first pan-European guidelines.

In support of the online gambling sector’s fight against money laundering, the guidelines aim to reflect the latest technologies and laws while building upon the association’s commitment to responsibility.

Reviewed and revised by Europe’s ‘top anti-money laundering (AML) compliance experts’, there is a focus on practical, sector-specific guidance on how online gambling operators should conduct customer and business risk assessments.

The guidelines also contain customer due diligence processes, suspicious transaction reporting, record keeping, and other ‘essential areas which require strong AML compliance’. 

Dr Ekaterina Hartmann, Director of Legal and Regulatory Affairs at the EGBA, said: “As the sophistication of financial crime continues to evolve, 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. 

“There’s currently a lack of sector-specific guidance to help Europe’s online gambling operators in their AML compliance efforts and these guidelines provide a valuable tool to fill this gap and help operators achieve the highest possible standards.”

The group explained that operators should apply the regulations across their EU operations with a risk-based approach and aim to support the sector’s compliance with Europe’s various AML rules, including the EU’s upcoming AML Regulation. 

Furthermore, the group outlined that its members are required to submit yearly reports summarising their progress in implementing the guidelines, whilst other operators are also invited to join the initiative.

In 2021, EGBA members were subject to 30 AML audits by the continent’s gambling and financial regulatory authorities and submitted nearly 13,000 suspicious activity reports to national law enforcement agencies to support Europe’s fight against money laundering.

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