EGBA Applauds Selection of Frankfurt as Seat of New EU Anti-Money Laundering Authority
The establishment of AMLA is a fundamental part of the ongoing reform of the EU's anti-money laundering framework.
February 26, 2024
The European Gaming and Betting Association (EGBA), representing Europe’s leading gambling operators, expresses its satisfaction with the recent confirmation of Frankfurt as the seat of the new European Anti-Money Laundering Authority (AMLA). This decision, reached by the EU institutions, marks a significant milestone in the establishment of a European anti-money laundering authority, which will work alongside the existing national anti-money laundering (AML) authorities of the EU member states.
Scheduled to commence operations in mid-2025 with a team of over 400 staff members, AMLA will wield both direct and indirect supervisory powers over obligated entities, including the EU’s largest financial institutions. By intervening in cross-border cases, AMLA is poised to offer comprehensive guidance that fosters greater harmonization of AML rules and their enforcement. Notably, it will introduce a standardized reporting template for Suspicious Transaction Reports (STRs), a measure expected to streamline reporting procedures across various sectors, including gambling, by ensuring consistent reporting formats across EU jurisdictions.
The establishment of AMLA as a new authority represents a crucial component of the ongoing reform of the EU’s anti-money laundering framework, which is anticipated to be finalized and adopted by the EU institutions before the conclusion of the current EU mandate in June 2024.
As the EU progresses towards finalizing the new AML legislative package, EGBA has proactively developed industry-specific guidelines on anti-money laundering to assist online gambling operators in complying with EU AML regulations, including the forthcoming EU AML Regulation. Crafted collaboratively with EGBA members, these guidelines offer a risk-based approach and furnish practical guidance for operators across various domains such as risk assessments, customer due diligence processes, suspicious transaction reporting, and record-keeping.
To ensure the efficacy of these guidelines, EGBA members will engage in regular discussions regarding their implementation and are mandated to submit annual reports summarizing their progress to EGBA. This framework of transparency and accountability aims to identify and rectify potential issues or areas for improvement in the guidelines, ensuring they remain aligned with the latest developments. EGBA extends an invitation to other operators to adopt these guidelines and partake in the reporting requirements.
“We welcome the selection of Frankfurt as the designated seat of the new European Anti-Money Laundering Authority. Given the city’s status as a hub of European finance, it is a logical choice. We eagerly anticipate collaborating with AMLA to ensure the representation of the gambling sector’s voice in future EU-level AML deliberations and to contribute positively to the fight against money laundering. The standardization of STRs will greatly benefit gambling operators, especially those operating across multiple jurisdictions, as it will streamline reporting procedures currently characterized by diverse formats across EU member states. By adhering to our AML guidelines, operators can position themselves favorably for compliance with the forthcoming EU AML regulations and actively contribute to elevating industry standards.” – Dr. Ekaterina Hartmann, Director of Legal and Regulatory Affairs, EGBA.
