EGBA Supports the Approval of New EU Anti-Money Laundering Framework
The European Parliament has recently approved a new anti-money laundering framework which should bring benefits for those involved in the gambling industry. The framework will become more consistent and standardized.
No wonder The European Gaming and Betting Association (EGBA), represented by the leading online operators, welcomes the introduction of this new policy, as many online gambling companies will benefit from it.
It believes that the European Union will be able to enhance the combating of financial crimes due to the approved package.
“make it easier for gambling operators to remain compliant with the anti-money laundering requirements”
It includes the following things:
- A single rulebook will exist for all the regulations and markets. It should contain provisions on how to conduct due diligence on customers. It will also regulate the usage of crypto assets and ensure transparency of beneficial owners.
- The 6th Anti-Money Laundering Directive that includes provisions on markets and responsible national authorities and their access to reliable and necessary information for combating financial crimes. It includes access to beneficial ownership registers.
- Directives on the establishment of the European Anti-Money Laundering Authority (AMLA). It should have all necessary authority for the supervision and investigation to ensure that members of the gambling industry are compliant with anti-money laundering (AML) requirements. This entity will cooperate with national AML authorities.
EGBA expects that the approved framework will make it easier for gambling operators to remain compliant with the anti-money laundering requirements. One of the main features that is anticipated by the organization is the standardized reporting about suspicious transactions. The unified format of reporting will allow gambling companies to reduce the costs and administrative burdens.
To simplify the reporting process, EGBA has already created guidelines for the operators on anti-money laundering policies, reporting on suspicious transactions, record keeping, and customer due diligence processes. Thus, operators submit annual reports to EGBA. The organization invites all the gaming companies based in the EU to sign up to guidelines and apply them.
The approved package should undergo format adoption by the Council of the European Union. This should take place in May. After that, the AML package should be published in the EU’s Official Journal to take effect.
The gambling industry is certainly going through reforms, so we might expect changes on different markets. Some of them will be discussed during big gambling events, including the 2024 Gaming in Spain Conference and the CasinoBeats Summit on Malta.
