Brussels, April 24, 2024 – Today, the European Parliament endorsed the EU’s new anti-money laundering (AML) package during its plenary session, signaling a significant step forward in the EU’s efforts to combat financial crimes. The European Gaming and Betting Association (EGBA), representing major online gambling operators in Europe, has expressed its support for the Parliament’s approval of the new AML package, viewing it as a move that will enhance the EU’s approach to addressing money laundering.
Key components of the new package include:
- A unified rulebook regulation covering due diligence on customers, transparency of beneficial owners, and the use of crypto-assets.
- The 6th Anti-Money Laundering Directive, encompassing national provisions on supervision and the roles of national AML authorities, as well as facilitating access to necessary and reliable information such as beneficial ownership registers.
- Establishment of the European Anti-Money Laundering Authority (AMLA), endowed with supervisory and investigative powers to ensure adherence to AML requirements, operating alongside national AML authorities.
EGBA anticipates that the new regulations will streamline the regulatory landscape for online gambling operators across EU member states. Additionally, the creation of a standardized reporting format for Suspicious Transaction Reports (STRs) under AMLA’s purview is expected to simplify compliance for online gambling operators by establishing uniform reporting requirements throughout the EU. This standardization aims to reduce administrative burdens and associated costs for operators.
In anticipation of the implementation of the EU’s new AML rules, EGBA has developed industry-specific guidelines on anti-money laundering. These guidelines adopt a risk-based approach and offer practical measures for operators to undertake, including customer and business risk assessments, customer due diligence processes, suspicious transaction reporting, and record keeping. EGBA members are already adhering to these guidelines and providing annual reports to summarize their progress in implementation. The guidelines are open to all EU-based operators, and EGBA encourages their adoption.
The AML package now awaits formal adoption by the Council of the EU, expected in May, prior to publication in the EU’s Official Journal.
Dr. Ekaterina Hartmann, Director of Legal and Regulatory Affairs at EGBA, commented, “We welcome the European Parliament’s approval of the new anti-money laundering package. The enhanced framework will establish robust standards and promote consistency in the application of AML rules across the EU. Online gambling operators, particularly those operating across multiple jurisdictions, stand to benefit from a unified rulebook and standardized reporting requirements, simplifying compliance efforts. As we align our industry guidelines with the new EU rules, operators can prepare for the forthcoming changes by joining our members in actively supporting the EU’s fight against money laundering.”
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