The EU’s New Anti-Money Laundering Package: A Game-Changer for Online Gambling Operators
The European Parliament’s recent approval of the EU’s new anti-money laundering (AML) package is a significant step towards establishing a more robust regulatory framework to combat financial crime. Online gambling operators, particularly those within the European Gaming and Betting Association (EGBA), stand to benefit from the standardisation of AML rules and reporting requirements across member states.
Key Components of the AML Package
The newly approved AML package includes several key elements:
- Single Rulebook Regulation: This provision covers due diligence on customers, transparency of beneficial owners, and the handling of crypto-assets.
- 6th Anti-Money Laundering Directive: National provisions on supervision, national AML authorities, and access to essential information, such as beneficial ownership registers.
- European Anti-Money Laundering Authority (AMLA): This entity will have supervisory and investigative powers to ensure compliance with AML requirements and will work in conjunction with national AML authorities.
Benefits for Online Gambling Operators
EGBA foresees several advantages for Europe’s online gambling operators under the new AML framework. One key aspect is the harmonisation of reporting formats for Suspicious Transaction Reports (STRs), which will streamline compliance efforts and reduce administrative burdens.
Additionally, EGBA has developed industry-specific guidelines on anti-money laundering to help operators navigate the new rules effectively. These guidelines focus on risk-based approaches, customer due diligence, suspicious transaction reporting, and record-keeping practices.
Looking Ahead
The AML package is now pending formal adoption by the Council of the EU, with publication in the EU’s Official Journal expected in May. Dr. Ekaterina Hartmann, EGBA’s Director of Legal and Regulatory Affairs, anticipates that the new framework will elevate industry standards and enhance consistency in AML rule application across the EU.
By aligning with the industry guidelines and proactively preparing for the upcoming changes, online gambling operators can play a pivotal role in combatting money laundering and contributing positively to the EU’s regulatory landscape.
Source: EGBA