The European Gaming and Betting Association has introduced the first pan-European guidelines that online gambling operators must adhere to to ensure the highest standards of compliance with the EU’s latest anti-money laundering regulations.
Reviewed and revised by Europe’s top AML compliance experts, the new guidelines are a reflection of the latest technologies and laws and build upon EGBA’s commitment to promoting the highest AML standards.
Featured within the EGBA’s guidelines on fighting money laundering and terrorist financing is practical, sector-specific guidance on how online operators should conduct “customer and business risk assessments, customer due diligence processes, suspicious transaction reporting, record keeping, and other essential areas which require strong AML compliance”.
The EGBA states the new standards “apply a risk-based approach and aim to support the sector’s compliance with Europe’s various AML rules, including the EU’s upcoming AML Regulation”.
Yearly reports must also be submitted by EGBA members to the association which feature a summary of their guideline implementation process. Other operators are also invited to join the initiative.
A webinar will be organised soon by the EGBA to present the new AML guidelines further.
“As the sophistication of financial crime continues to evolve, the publication of these AML guidelines demonstrates EGBA’s commitment to ensure that Europe’s online gambling sector actively contributes towards the fight against financial crime,” commented Dr Ekaterina Hartmann, Director of Legal and Regulatory Affairs, EGBA.
“There’s currently a lack of sector-specific guidance to help Europe’s online gambling operators in their AML compliance efforts and these guidelines provide a valuable tool to fill this gap and help operators achieve the highest possible standards.”
The new guidelines have been published following a consultation period in the autumn of last year, where the EGBA asked industry experts and national regulators for feedback.
EGBA were subjected to 30 AML audits by European gambling and financial regulators with close to 13,000 suspicious activity reports handed over to national law enforcement agencies.
The association also represents its members in several AML forums, including the European Commission and Financial Action Task Force.