EGBA backs creation of new  European AML Rulebook

The European Gaming & Betting Association (EGBA) will develop new sector-specific guidelines to help online gambling companies comply with the European Union’s new anti-money laundering rulebook.  

The directive follows the European Commission (EC) being granted approval to update the EU’s financial regulations, standards and safeguards set by the EU AML Directive. 

Presenting its ‘most ambitious package of measures’ the EC has called for the creation of a centralised ‘EU Authority’ to combat money laundering and counter-terrorist financing (CTF). 

The Commission’s actions follow recent concerns that some EU member states have neglected to implement and enforce EU AML Directive laws – which will require the EC to ‘close loopholes used by criminals to launder illicit proceeds or finance terrorist activities through the financial system’. 

“Money laundering poses a clear and present threat to citizens, democratic institutions, and the financial system,” said Mairead McGuinness, Commissioner responsible for financial services, financial stability and Capital Markets Union. 

“The scale of the problem cannot be underestimated and the loopholes that criminals can exploit need to be closed. Today’s package significantly ramps up our efforts to stop dirty money being washed through the financial system. We are increasing coordination and cooperation between authorities in member states, and creating a new EU AML authority. These measures will help us protect the integrity of the financial system and the single market.”

Key objectives planned by the EC include the enforcement of a ‘single EU AML/CTF rulebook’ that will be adopted by member states financial intelligence units (FIUs) with the aim to harmonise standards

On cash payments, the EC has proposed that a €10,000 limit on transactions be imposed across all member states as EU-wide enforcement.

A new AML directive will impose tougher monitoring of financial transactions undertaken between member states and third countries – in which the EU will adopt a new ‘blacklist and ‘greylist’ of countries.

The EGBA has welcomed the development of a new EU AML Rulebook, which will be analysed and evaluated for online gambling incumbents, to ensure its best possible application.

“We welcome the efforts of the European Commission to continuously improve the EU framework for combatting money-laundering,” said EGBA director Ekaterina Hartmann. “EGBA members already apply the highest regulatory standards in AML compliance and are fully committed to tackling money laundering in the online gambling sector.

“To support this, we are working closely with our members to develop EU-wide, sector-specific guidelines to help Europe’s online gambling companies comply with the increasingly complex AML rules in the EU.”

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