EGBA welcomes AMLA as unified supervisor of AML threats

The European Gaming and Betting Association (EGBA) has welcomed the European Council’s decision to make Frankfurt the base of operations for the upcoming European Anti-Money Laundering Authority (AMLA). 

AMLA is expected to open doors for the first time in mid-2025, with around 400 staff members contributing to its day-to-day operations, which will include direct and indirect supervision of regulated EU entities, including the Union’s largest financial institutions. 

The authority’s foundation is a key development in the ongoing EU AML framework reforms – concluding with the current EU mandate in June 2024.  

AMLA will be given ultimate power to further harmonise AML regulations and their application across member states, such as creating a standardised reporting template for Suspicious Transaction Reports (STRs) – something that will affect the gambling sector as well. 

EGBA is already ahead of the curve, having produced and published a package of industry-centric online gambling guidelines that are in line with the latest EU AML developments in March of last year. 

Members of the trade organisation are expected to continue their discussions on implementing the guidelines and showcase their progress as part of annual reports. 

The latest EGBA report highlighted increased collaboration, namely around strengthening the AML landscape of Europe’s gambling market.

Dr. Ekaterina Hartmann, Director of Legal and Regulatory Affairs, EGBA, said: “We welcome Frankfurt as the chosen seat of the new European Anti-Money Laundering Authority. Given the city’s position as the centre of European finance, it is a logical choice. 

“We look forward to collaborating with AMLA to ensure the representation of the gambling sector’s voice in future EU-level AML discussions and help contribute positively to the fight against money laundering. 

“The standardisation of STRs will really benefit gambling operators, particularly those who operate in many countries, because there are currently many different reporting formats across EU member states. By implementing our AML guidelines, operators can also already be well positioned for the EU’s incoming AML rules and play their part in raising standards across the industry.”