EGBA ready to adopt new EU AML rules accordingly

The European Gaming and Betting Association (EGBA) has once again voiced its support for the EU’s new anti-money laundering framework to help combat financial crime. 

Approved by the European Council on 30 May, the new AML legislation will initiate the implementation of a new European Anti-Money Laundering Authority (AMLA), tasked with the supervision of AML compliance across member states. 

A new harmonised reporting format for Suspicious Transaction Reports (STRs) will be established under the AMLA’s supervision, creating a level compliance basis for online gambling operators across all EU member states. 

According to EGBA, the incoming measures will help the European gambling sector build a stronger approach against money laundering in the region. 

Last year, the trade organisation developed its own AML guidelines, encouraging its members to study them in detail so that they stay ahead of the latest European regulatory developments. The guidelines will be updated soon to reflect the final version of the EU legislation. 

Further changes include the enforcement of the sixth AML Directive that encompasses new provisions on the powers of national AML authorities.

There is also the introduction of a new AML Regulation (AMLR) that dictates various mandatory measures on due diligence and transparency of beneficial owners among others. This will come into force three years after its publication date in the Official Journal of the EU. 

Dr Ekaterina Hartmann, Director of Legal and Regulatory Affairs, EGBA, welcomed the framework’s finalisation, as the association believes the standardisation of rules and reporting requirements will benefit online operators.

She said: “We welcome the finalisation of the new anti-money laundering package. EGBA has actively followed and contributed to the revision of the AML rules at EU-level and believes the new rules will benefit Europe’s online gambling operators, especially those operating in multiple jurisdictions, by ensuring a single regulatory approach across EU member states.

“With the finalisation of the new rules, EGBA will review and update its industry guidelines on AML to ensure their alignment with the rules. By signing up to the guidelines, operators can begin preparing themselves for the EU rule changes and join our members in their efforts to proactively and positively contribute to the fight against money laundering in the EU.”