EGBA backs new EU AML framework to deliver “clear and consistent expectations” for operators
Trade body praises establishment of centralised AML regulator and level playing field following European parliament’s approval of new package
The post EGBA backs new EU AML framework to deliver “clear and consistent expectations” for operators first appeared on EGR Intel.
The European Gaming and Betting Association (EGBA) has backed the European Union’s new anti-money laundering (AML) package which could usher in a bloc-wide framework to battle financial crime.
The trade body said the new measures will “strengthen the EU’s approach to tackling money laundering” and further support operators to ensure a consistent approach to the problem.
The proposals include a new central authority, the Authority for Anti-Money Laundering and Countering the Financing of Terrorism, based in Frankfurt, which will have supervisory and investigative powers to ensure AML compliance and will be able to work hand in hand with national authorities.
The EGBA said the establishment of the regulator would allow for “clear and consistent expectations” for operators that would in turn “reduce administrative costs and burdens”.
The new package also details a single rulebook regulation which will cover aspects including customer due diligence, ownership transparency and the regulation of crypto.
Additionally, the sixth Anti-Money Laundering Directive (6AMLD) will also be put forth to bring about national AML authorities in EU member states.
The package, which was approved by the European Parliament at a plenary sitting this week, now awaits formal adoption by the Council of the EU, which is expected in May.
The framework, should it be adopted, will then be published in the EU’s official journal in June.
Away from the process, the EGBA pointed to its industry-specific guidelines on AML and terrorist financing, which were introduced in March 2023, and implored operators that had not signed up to the pledge already to do so now.
Ekaterina Hartmann, EGBA director of legal and regulatory affairs, said: “We welcome the European Parliament’s approval of the new anti-money laundering package. The new framework will set high standards and ensure greater consistency in the application of AML rules across the EU.
“Online gambling operators, especially those operating in multiple countries, will benefit from a single rulebook and harmonised reporting requirements that will unravel national complexities. We will look to review our industry guidelines on AML to ensure their alignment with the new EU rules.
“By signing up to the guidelines, operators can already prepare themselves for the incoming changes in the EU rules and join our members in their efforts to proactively and positively contribute to the EU’s fight against money laundering,” she added.
The post EGBA backs new EU AML framework to deliver “clear and consistent expectations” for operators first appeared on EGR Intel.
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