The European Gaming and Betting Association presents anti-money laundering guidelines

Published on: September 14, 2022, 10:27 a.m.

Last update: September 16, 2022, 05:01 a.m.

The European Gaming and Betting Association (EGBA) continues to advance voluntary assistance to the gaming industry. Its latest initiative pools resources to help operators adjust their financial activity and support industry contributions to global anti-money laundering (AML) policies.

European Union flags fly in front of the European Commission headquarters
European Union flags fly in front of the EU Commission headquarters in Brussels, Belgium. The European Gaming and Betting Association is developing new measures to help the EU gaming industry continue to evolve responsibly. (Image: Reuters)

These resources include the first pan-European EGBA self-regulatory guidelines. They are intended to help European online gambling operators proactively meet responsible gaming expectations.

To ensure the guidelines are effective, EGBA members like Bet365, Flutter and others are required to submit an annual report to EGBA. This should describe your progress in implementing the guidelines and provide comments or concerns.

EGBA’s AML and Counter Terrorist Financing (CTF) guidelines include published industry best practices. Online gambling operators must follow these in their EU and EEA operations. However, that is not always the case. Another important area is AM and how it provides a safer gaming environment. This is likely to receive significant coverage in the final EGBA product.

These policies are risk-based and provide sector-specific guidance to ensure compliance with AML regulations at all levels, according to the EGBA. They can complement and strengthen the existing laws on this subject in different countries, but also consider the new EU package of measures.

Required Comments

EGBA is currently soliciting feedback from operators and others from industry experts to ensure that its efforts cover all pertinent details. You will receive comments until October 13. The organization will publish its final guidelines shortly after.

Among the salient elements addressed by the EGBA are customer and business risk assessments. There are also sections on due diligence and policies on reporting suspicious transactions. The latter has been a particularly sensitive point for regulators across Europe.

The EGBA expects to have to make changes in the future. As the gaming industry continues to evolve, the advent of new rules and policies will lead to updates to the guidelines.

EU cracks down on money laundering

The EU European Commission spent several years discussing how best to tackle money laundering. You want a unified solution that makes it easier for EU and EEA countries to follow.

Technology has helped regulators better understand the nature of money laundering, with more tracking capabilities following the trail. The problem exists in every industry, including betting and banking. On several occasions, Wirecard and Deutsche Bank have had to answer for their alleged money fraud.

Last year, the EU implemented new rules to strengthen its AML/CFT policies. The Single EU AML/CFT Regulation includes a new Union-wide authority to combat money laundering and even stricter reporting criteria. It also connects banks across the syndicate for faster reporting.

The new guidelines at EU level will be implemented in the coming years.

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