Based on the information detailed in the press release, EGBA’s new guidelines help strengthen its AML initiative with the introduction of a set of standards that should be applied by online gambling operators to ensure an increased level of compliance with the most up-to-date AML rules in the EU.
EGBA’s AML guidelines and the online gambling space
As per the announcement, EGBA’s guidelines related to fighting money laundering and terrorist financing include practical, sector-specific guidance on how online gambling operators should carry out the following:
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customer and business risk assessments;
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customer due diligence processes;
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suspicious transaction reporting;
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and record keeping, amongst other areas that have a requirement for strong AML compliance.
The guidelines, which should be applied by operators across their EU operations, apply a risk-based approach and have the aim of supporting the sector’s compliance with Europe’s varied AML rules, including the EU’s upcoming AML regulation, details the press release.
In addition, EGBA members have the requirement of submitting yearly reports to EGBA which summarise their progress with having their guidelines implemented, with other operators also being invited to take part in the initiative.
What is more, the publication of these guidelines is a result of a consultation period that had taken place in the autumn of 2022, where EGBA requested feedback from industry experts, as well as national regulatory authorities.
The announcement also details that EGBA members have a commitment to AML compliance. In 2021 alone, they were subject to 30 AML audits by Europe’s gambling and financial regulatory authorities and have also submitted approximately 13,000 suspicious activity reports to national law enforcement agencies, looking to support the continent’s fight against money laundering.
When commenting on the publication announcement, Dr Ekaterina Hartmann, Director of Legal and Regulatory Affairs at EGBA stated that following the evolution of sophisticated financial crime, the AML guidelines aim to demonstrate EGBA’s commitment to ensuring that the online gambling space in Europe contributes actively towards fighting financial crime.
As per their statement, with there being a lack of sector-specific guidance to assist online gambling operators with their AML compliance efforts, these guidelines aim to offer a ‘valuable’ tool to have this gap filled and help operators achieve the ‘highest possible’ standards.