The new EU anti-money laundering package aims to create a more coherent regulatory framework and will benefit online gambling operators by standardizing anti-money laundering rules and reporting obligations across member states
The European Parliament today approved the new EU anti-money laundering (AML) package in plenary session, marking a significant milestone towards a new EU framework for fighting financial crime. The European Gaming and Betting Association (EGBA), which represents the main online gambling operators in Europe, welcomes Parliament's approval of the new anti-money laundering package and believes that the upcoming rule changes will strengthen the EU approach to combating money laundering.
The new package will contain:
- Un single rules-based regulation, with provisions relating to the exercise of due diligence towards customers, the transparency of beneficial owners and the use of crypto-assets.
- La 6th Anti-Money Laundering Directive, containing national provisions on anti-money laundering supervision and national authorities, as well as on authorities' access to necessary and reliable information, such as beneficial ownership registers.
- The establishment of the European Anti-Money Laundering Authority (AMLA), which has supervisory and investigative powers to ensure compliance with anti-money laundering requirements, working in collaboration with national anti-money laundering authorities.
The EGBA believes that the new rules will benefit online gambling operators in Europe by ensuring a consistent regulatory approach across all EU member states. Another important innovation, under the responsibility of the AMLA, will be the creation of a harmonized format for reporting suspicious transactions. [1] This will ensure that European online gambling operators meet the same STR requirements across all EU Member States, thus establishing clear and consistent expectations that will reduce administrative burdens and costs.
To help online gambling operators comply with the new EU anti-money laundering rules, the EGBA has developed sector-specific anti-money laundering guidelines that apply a risk-based approach and include practical measures that operators can take , relating to business and customer risk assessments, customer due diligence processes, reporting of suspicious transactions and record keeping. EGBA members already apply the guidelines and submit annual reports to the EGBA summarizing their progress in implementing its measures. The guidelines are also open to all operators based in the EU and the EGBA encourages operators to sign up to them.
The anti-money laundering package now awaits formal adoption by the EU Council, expected in May, before being published in the EU Official Journal.
“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 anti-money laundering rules across the EU. Online gambling operators, particularly those operating in multiple countries, will benefit from a single set of rules and harmonized reporting requirements that unravel national complexities. We will seek to review our industry guidance on anti-money laundering to ensure alignment with new EU rules. By adhering to the guidelines, traders can already prepare for upcoming changes in EU rules and join our members in their efforts to proactively and positively contribute to the EU's fight against money laundering.” – Dr. Ekaterina Hartmann, Director of Legal and Regulatory Affairs, EGBA.
[1] In 2022, EGBA member traders submitted 16825 suspicious transaction reports to the EU's national financial intelligence units.
