Following its approval by the European Council, the EU’s new anti-money laundering package has been finalised.
The Council’s approval is the final step in the EU legislative process, following the European Parliament’s approval in April.
The European Gaming and Betting Association, representing Europe’s leading online gambling operators, said it welcomes the finalisation of the new AML package and believes the incoming rule changes will strengthen the EU’s approach to tackling money laundering.
A key feature of the new package will be the creation of a harmonised reporting format for suspicious transaction reports, overseen by AMLA. This will mean that Europe’s online gambling operators will encounter the same STR requirements across all EU member states, setting consistent requirements that will reduce administrative burdens and costs.
To assist online gambling operators, EGBA has developed industry-specific guidelines on anti-money laundering which apply a risk-based approach and include practical measures that operators can take to ensure compliance with the AML rules in the EU.
EGBA members already apply the guidelines and submit annual reports to EGBA that summarise their progress in implementing its measures. The guidelines are also open to all operators based in the EU and EGBA encourages operators to sign up to them.
