SBC News European operators to work under new EU anti money laundering (AML) directive

European operators to work under new EU anti money laundering (AML) directive

europe

Following a two year process, the European Parliament has approved a new anti money laundering (AML) directive, which aims to strengthen EU member states framework on tax evasion and terrorist financing.

The AML directive will increase monitoring of digital transactions, making it accessible it easier for authorities to trace funds. Financial services institutions and online gambling operators will be made to follow specific reporting obligations with regards to suspicious transactions made by their customers.

The directive has been welcomed by Maarten Haijer, Secretary General of the European Betting and Gaming Association (EGBA), who stated that the association was pleased of the new ruling as all European based online gambling operators would have to adhere to a single directive on AML, instead of country by country policies.

“EGBA has actively engaged with the EU institutions to include online gambling in the new directive. It should ensure that EU online gambling providers now have one rather than 28 sets of AML rules to comply with to provide their services in the EU.”

“The risk-based assessment underpinning the directive will apply to all services, with the exception of land-based casinos where there can be larger sums of cash involved.” Commented Haijer

The new AML directive has been published on the Official Journal of EU, member states will now have two years to implement the directive into national law.

Check Also

EGBA 'confident of thorough investigation’ into legacy Dutch lottery licences

EGBA backs EU Parliament endorsement of new e-ID law 

The decision of the EU Parliament to approve the new European Digital Identity has been …

STS - European Union flag on blue sky background

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 …

Maarten Haijer, Secretary General of EGBA

Maarten Haijer, EGBA: Europe requires greater cooperation on forthcoming gambling resolutions

Ahead of ICE London’s opening day, Maarten Haijer, Secretary General of the European Gaming and …