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The newest anti-money laundering (AML) package from the EU has received the support of the European Parliament, a crucial step in strengthening Europe’s defenses against financial misconduct. This achievement is hailed as a critical step forward in the continuing fight against money laundering by the European Gaming and Betting Association (EGBA), which represents the major European online gaming providers.
The approved package encompasses a multifaceted approach to AML, comprising a single rulebook regulation addressing due diligence, transparency of beneficial owners, and the regulation of crypto-assets. Additionally, it includes the 6th Anti-Money Laundering Directive, which delineates national provisions on supervision and facilitates access to essential information for authorities. Furthermore, the establishment of the European Anti-Money Laundering Authority (AMLA) heralds a new era of supervisory oversight and investigative powers at both the European and national levels.
According to EGBA, the new rules would promote uniformity and coherence in AML enforcement by streamlining regulatory processes for online gaming companies among EU member states. Specifically, the creation of uniform reporting guidelines for Suspicious Transaction Reports (STRs) under AMLA’s jurisdiction promises to reduce paperwork and increase economy.
Online gaming companies may now more easily navigate the complexities of the EU’s updated AML regulations thanks to industry-specific guidelines that EGBA has prepared. These standards, which include topics including risk assessments, customer due diligence, suspicious transaction reporting, and record-keeping, promote a risk-based approach and provide workable compliance techniques. Operators are urged by EGBA to proactively adopt these principles and match their procedures with changing legal requirements.
Formal adoption of the AML package by the Council of the EU is anticipated in May, following which it will be published in the EU’s Official Journal. Dr. Ekaterina Hartmann, Director of Legal and Regulatory Affairs at EGBA, emphasizes the significance of this milestone, underscoring the industry’s commitment to upholding stringent AML standards and collaborating with regulatory bodies to safeguard financial integrity.
She said, “We welcome the European Parliament’s approval of the new anti-money laundering package. The new framework will set high standards and ensure greater consistency in the application of AML rules across the EU. Online gambling operators, especially those operating in multiple countries, will benefit from a single rulebook and harmonised 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. By signing up to the guidelines, operators can already prepare themselves for the incoming changes in the EU rules and join our members in their efforts to proactively and positively contribute to the EU’s fight against money laundering.”