The European Gaming and Betting Association is aiming to help the sector achieve “the highest possible standards in AML compliance” after publishing a series of pan-European, self-regulatory guidelines.
Representing a first for the Brussel-based trade association, the EGBA noted an ambition of strengthening industry efforts and contributing to the fight against money laundering.
The guidelines include best practice industry standards that “should apply” across EU and EEA operations, and have been developed with the EU’s upcoming AML package in mind.
“We’re pleased to present the first ever pan-European industry standards on anti-money laundering for Europe’s online gambling sector,” said Dr Ekaterina Hartmann, Director of Legal and Regulatory Affairs at the EGBA
“Preventing online gambling from being used to hide the proceeds of crime is an important test for Europe’s gambling operators – but there’s currently very little sector-specific guidance to help operators in their compliance efforts.”
The guidelines include, amongst others, practical guidance on how to conduct customer and business risk assessments, customer due diligence and improving cooperation during the process, suspicious transaction reporting requirements, the relationship between AML and safer gambling and record-keeping requirements.
“We hope these guidelines will fill this gap and lay strong foundations for the sector to achieve the highest possible standards in AML compliance,” added Hartmann.
“It’s important to gather expertise across the sector and we invite stakeholder feedback on the guidelines to ensure that, together, the sector can contribute positively and proactively to Europe’s fight against money laundering.”
Furthermore, the EGBA has invited stakeholders to submit feedback by October 13, 2022, following which finalised guidelines will be published. To ensure ambitions are achieved, moving forward EGBA members will be required to submit yearly reports summarising their progress in implementing these guidelines.
