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European Gaming and Betting Association has published its first pan European guidelines to help the online gambling industry contribute to Europe’s fight against money laundering. These guidelines were reviewed and updated by Europe’s leading anti-money laundering compliance experts. They reflect the most recent technologies and laws.
The EGBA guidelines for fighting money laundering, terrorist financing provide practical guidance to online gambling operators on how to conduct customer and business risks assessments, customer due diligence processes and suspicious transaction reporting. They also include advice on how to keep records and comply with AML requirements in other areas. These guidelines, which operators should use across their EU operations, follow a risk-based approach. They aim to support sector compliance with Europe’s AML rules including the EU’s forthcoming AML Regulation. EGBA members must submit yearly reports to EGBA describing their progress in implementing these guidelines. Other operators are invited to join the initiative.
The guidelines were published following a consultation period that EGBA held in autumn 2022. During this period, EGBA sought feedback from experts in the industry and regulatory authorities.
EGBA members support a culture of AML compliance. They were subjected to 30 AML audits in Europe by financial regulators and gambling authorities. In addition, they submitted almost 13,000 suspicious activity reports directly to national law enforcement agencies. This was to help Europe fight money laundering. EGBA also represents its members in AML forums such as the European Commission or Financial Action Task Force (FATF).
“The publication of these AML Guidelines demonstrates EGBA’s commitment to ensuring that Europe’s online gaming sector actively contributes to the fight against financial crimes, as the sophistication of financial criminality continues to advance.” It’s difficult to find sector-specific guidance that will assist Europe’s online gambling operators with their AML compliance efforts. These guidelines are a valuable tool to address this gap and help operators reach the highest standards,” Dr Ekaterina Harmann, Director of Legal & Regulatory Affairs at EGBA said.
