EGBA: New EU rulebook to help operators with AML consistency

A new AML package has been brought forward by the European Parliament to further boost money protection across the continent. 

The package is yet to be cleared by the Council of Europe (expected to happen in May), but once it goes into effect, it will introduce a wide range of new rules around money transfers, especially regarding high-value transactions. 

Various shareholders have already expressed positive interest in the new regulations, including the gambling industry in the form of the European Gaming and Betting Association (EGBA). 

Dr Ekaterina Hartmann, EGBA’s Director of Legal and Regulatory Affairs, said: “We welcome the European Parliament’s approval of the new anti-money laundering package. The new framework will set high standards and ensure greater consistency in the application of AML rules across the EU. 

“Online gambling operators, especially those operating in multiple countries, will benefit from a single rulebook and harmonised reporting requirements that will unravel national complexities.”

Included in the new framework is the introduction of the European Anti-Money Laundering Authority (AMLA), which was previously lauded by EGBA as a “positive contribution” towards the gambling sector’s fight against financial crime. 

AMLA will be granted investigative and supervisory duties that will allow it to closely collaborate with the EU’s 27 national authorities in terms of AML compliance and adherence to the updated policies, one of which will be a €10,000 EU-wide limit on cash payments – with the exception of payments between private individuals in a non-professional context. 

Due diligence also plays a key role in the proposed AML package, with an enhanced focus on identity verification and the prevention of international sanction circumvention.  

Hartmann concluded: “We will look to review our industry guidelines on AML to ensure their alignment with the new EU rules.

“By signing up to the guidelines, operators can already prepare themselves for the incoming changes in the EU rules and join our members in their efforts to proactively and positively contribute to the EU’s fight against money laundering.”