EGBA Applauds European Parliament’s Approval of New EU Anti-Money Laundering Framework
April 30, 2024
European Parliament’s endorsement of new AML regulations paves the way for enhanced consistency and effectiveness in combating financial crime.
The European Gaming and Betting Association (EGBA) expresses its support for the European Parliament’s approval of the new anti-money laundering (AML) package during today’s plenary session. This milestone signals a significant step forward in establishing a robust EU framework dedicated to combating financial crimes effectively.
The comprehensive AML package encompasses several key components:
-A single rulebook regulation, incorporating provisions on customer due diligence, transparency of beneficial owners, and the handling of crypto-assets.
-The 6th Anti-Money Laundering Directive, encompassing national regulations on supervision, national AML authorities, and facilitating authorities’ access to pertinent and reliable information such as beneficial ownership registers.
-The establishment of the European Anti-Money Laundering Authority (AMLA), endowed with supervisory and investigative capabilities to ensure AML compliance, working in collaboration with national AML authorities.
EGBA anticipates that these regulatory changes will greatly benefit Europe’s online gambling operators by streamlining AML protocols and reporting standards across EU member states. A notable aspect under AMLA’s purview will be the development of a standardized reporting format for Suspicious Transaction Reports (STRs), ensuring uniformity and coherence in AML requirements throughout the EU. This harmonization will alleviate administrative burdens and costs for online gambling operators, promoting a more efficient and effective regulatory environment.
In response to the new EU AML rules, EGBA has devised industry-specific guidelines on anti-money laundering, employing a risk-based approach and outlining practical measures for operators to implement. These guidelines cover areas such as customer and business risk assessments, customer due diligence processes, suspicious transaction reporting, and record-keeping. EGBA encourages EU-based operators to adopt these guidelines, facilitating preparedness for the forthcoming regulatory changes and demonstrating a proactive commitment to combatting money laundering.
Dr. Ekaterina Hartmann, Director of Legal and Regulatory Affairs at EGBA, remarked, “We welcome the European Parliament’s approval of the new anti-money laundering package. The new framework will establish high standards and foster greater consistency in AML rule application across the EU. Online gambling operators will benefit from streamlined protocols and harmonized reporting requirements, simplifying compliance efforts and supporting the EU’s broader objectives in combating money laundering.”
