The European Gaming and Betting Association has welcomed the recent confirmation of Frankfurt as the seat of the new European Anti-Money Laundering Authority.
The European anti-money laundering authority will operate together with, and in addition to, the already existing national AML authorities of the EU member states. The AMLA’s formation is part of EU AML framework reform, which is expected to be agreed upon by the EU institutions before the end of the current EU mandate in June 2024.
Commencing in mid-2025 with over 400 staff members, the AMLA will have direct and indirect supervisory powers over obligated entities, as well as the power to intervene in cross-border cases, in hopes of coordinating AML rules and application.
This includes creating a standardised reporting template for Suspicious Transaction Reports, which will provide a benefit to various sectors, including gambling.
“We welcome Frankfurt as the chosen seat of the new European Anti-Money Laundering Authority,” commented Dr Ekaterina Hartmann, Director of Legal and Regulatory Affairs, EGBA.
“Given the city’s position as the centre of European finance, it is a logical choice. We look forward to collaborating with AMLA to ensure the representation of the gambling sector’s voice in future EU-level AML discussions and help contribute positively to the fight against money laundering.
The EGBA has developed gambling-specific AML guidelines to help online operators comply with EU AML regulations, offering “a risk-based approach and include practical direction for operators in areas such as risk assessments, customer due diligence processes, suspicious transaction reporting, and record-keeping”.
Regular implementation discussions will take place with EGBA members, who are also obliged to submit annual reports on their progress, helping to identify potential areas for improvement in the guidelines and keep them up to date with the latest developments. Other operators have been invited to participate in the reporting requirements as well.
Hartmann added: “The standardisation of STRs will really benefit gambling operators, particularly those who operate in many countries because there are currently many different reporting formats across EU member states.
“By implementing our AML guidelines, operators can also already be well positioned for the EU’s incoming AML rules and play their part in raising standards across the industry.”