The European Gaming and Betting Association (EGBA) has shown support for the EU’s anti-money laundering (AML) package, which was finalised on 30 May.
The European Council approved the EU’s new AML package, finalising the union’s new framework for combatting financial crime. This is the final step in the EU legislative process.
Now that it has been finalised, the EGBA believes it will strengthen the EU’s approach to tackling money laundering.
The package includes the establishment of the European Anti-Money Laundering Authority (AMLA), the 6th Anti-Money Laundering Directive which contains national provisions on supervision and the powers of national AML authorities, and a new Anti-Money Laundering Regulation (AMLR) which looks at measures related to conducting due diligence and transparency of beneficial owners, among other things.
It also includes the creation of a harmonised reporting format for Suspicious Transaction Reports (STRs), meaning there will be the same STR requirements for all EU member states.
The new AMLR is set to come into force three years after its publication in the Official Journal of the EU, which is the next step in the process.
EGBA Director of Legal and Regulatory Affairs Dr. Ekaterina Hartmann said: “We welcome the finalisation of the new anti-money laundering package. EGBA has actively followed and contributed to the revision of the AML rules at EU-level and believes the new rules will benefit Europe’s online gambling operators, especially those operating in multiple jurisdictions, by ensuring a single regulatory approach across EU member states.
“With finalisation of the new rules, EGBA will review and update its industry guidelines on AML to ensure their alignment with the rules. By signing up to the guidelines, operators can begin preparing themselves for the EU rule changes and join our members in their efforts to proactively and positively contribute to the fight against money laundering in the EU.”
The EGBA this week has also announced the dates for the European Safer Gambling Week 2024, which will be held between 18-24 November.
