The establishment of AMLA is a key part of the ongoing reform of the EU anti-money laundering regulatory framework
The European Gaming and Betting Association (EGBA), the association representing the main European gambling operators, welcomes the recent confirmation of Frankfurt as the seat of the new European Anti-Money Laundering Authority (AMLA). This agreement, reached by the European institutions, creates a European anti-money laundering authority that will operate together with and in addition to the national anti-money laundering (AML) authorities already existing in EU member states.
The AMLA, which will begin operating in mid-2025 with over 400 staff members, will have direct and indirect supervisory powers over obliged entities, including the EU's largest financial institutions. With the power to intervene in cross-border cases, the AMLA should provide comprehensive guidance that further harmonises anti-money laundering rules and their enforcement, including the creation of a standardized reporting template for suspicious transaction reports (STRs), which will bring large benefits various sectors, including gambling, by standardizing reporting formats across EU countries.
The establishment of AMLA as a new authority is a key part of the ongoing reform of the EU's anti-money laundering framework, which is expected to be completed and approved by the EU institutions before the end of the current EU mandate in June 2024.
As the EU finalizes the new anti-money laundering legislative package, the EGBA has developed sector-specific anti-money laundering guidance to help online gambling operators comply with anti-money laundering rules in the EU, including the upcoming regulation EU anti-money laundering. Developed in collaboration with our members, the guidelines offer a risk-based approach and include practical guidance for operators in areas such as risk assessment, client due diligence processes, reporting suspicious transactions and record keeping .
To ensure the effectiveness of the guidelines, EGBA members will engage in regular discussions on their implementation and are required to submit annual reports summarizing their progress to the EGBA. To promote transparency and accountability, these regular discussions and reports will help identify and address potential problems or areas for improvement in the guidelines and ensure that they remain up to date with the latest developments. Other operators are invited to adopt the guidelines and participate in the reporting obligations.
“We are pleased that Frankfurt has been chosen as the seat of the new European Anti-Money Laundering Authority. Given the city's position as the center of European finance, it is a logical choice. We look forward to working with AMLA to ensure the gambling industry's voice is represented in future anti-money laundering discussions at European level and positively contribute to the fight against money laundering. Standardizing suspicious transaction reporting will be really beneficial for gambling operators, especially those operating in many countries, as there are currently many different reporting formats across different EU member states. By implementing our anti-money laundering guidelines, operators can also already be well positioned for the new EU anti-money laundering rules and play their part in raising industry standards,” he said Ekaterina Hartmann, Director of Legal and Regulatory Affairs at the EGBA.
