EGBA Greenlights New EU’s Anti-Money Laundering Measures

Continuing to level up its measures for combating financial crime, the European Parliament gave its approval for the EU’s new anti-money laundering (AML) package. This enhanced set of measures was warmly welcomed by the European Gaming and Betting Association (EGBA), which already started encouraging all EU-based operators to sign up.

Situated in Brussels, EGBA represents the interests of the leading online gambling operators established, licensed, and regulated within the EU. Working in cooperation with the European authorities, the association strives to provide as greater level of consumer protection as possible.

At the beginning of March 2024, EGBA welcomed the EU Parliament’s new requirements for the identification and authentication of consumers’ identity online. Adopted at the end of February, European Digital Identity (e-ID) aims to secure a more inclusive and more secure digital environment for citizens EU-wide.

Enhanced Set of Rules

Presented at the plenary sitting which took place on April 24, 2024, the improved AML package is expected to go live in May, before being published in the EU’s Official Journal, subject to formal adoption by the Council of the EU.

The new framework for AML rules contains the following measures:

• A unified rulebook regulation that addresses several key fields such as the use of crypto-assets, transparency of beneficial owners, and instructions on conducting due diligence on customers
• The 6th Anti-Money Laundering Directive which introduces AML authorities and guidelines on supervision, alongside beneficial ownership registers for better accessibility to necessary information
• The establishment of the European Anti-Money Laundering Authority (AMLA), which will be in charge of ensuring compliance with AML requirements

AMLA, which will closely cooperate with national AML authorities, will also be in charge of creating a harmonized reporting format for Suspicious Transaction Reports (STRs). As the officials believe, clearer and more consistent expectations that all EU member states will follow will result in decreased administrative burdens and costs.

In February 2024, Frankfurt was confirmed as the official seat of the Anti-Money Laundering Authority (AMLA). The institution, which will gather a team of over 400 staff members by mid-2025, has direct and indirect supervisory powers, and the power to intervene in cross-border cases as well.

Multiple Benefits for Casino Operators

Pointing out that the new set of measures aims to raise the bar and ensure more consistent application of Anti-Money Laundering rules across the EU. Dr. Ekaterina Hartmann, Director of Legal and Regulatory Affairs, EGBA noted:

“Online gambling operators, especially those operating in multiple countries, will benefit from a single rulebook and harmonized 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.”

As far as she believes, that signing up for the guidelines will make it simpler for online casino operators to prepare for the upcoming changes in the EU rules, and will also have a positive impact on the EU’s fight against money laundering.

Meeting the highest industry standards, EGBA’s members operate in more than 20 countries in Europe, possessing a total of 267 online gambling licenses. Their collective contribution amounts to one-third of Europe’s online gambling gross gaming revenue (GGR).

Source:

“EGBA Welcomes European Parliament’s Approval of New EU Anti-Money Laundering Framework”, egba.eu, April 24, 2024.