EGBA publishes pan-European AML guidelines

The European Gaming and Betting Association (EGBA) has published the first ever pan-European self-regulatory guidelines to strengthen the anti-money laundering (AML) efforts of Europe’s online gambling operators and support the sector in the fight against money laundering

The European Gaming and Betting Association (EGBA) has published the number one ever so pan-European self-regulatory guidelines to fortify the anti-money laundering (AML) efforts of Europe’s online gaming operators and bread and butter the sector in the defend against money laundering.

As noted by the EGBA, the publishing of the guidelines continues its dedication to “promote the highest layer of industry responsibility”.

The EGBA stated: “The EGBA guidelines on fighting money laundering and terrorist financing hold topper praxis manufacture standards, which online gaming operators should go for crosswise their entire EU and EEA operations.

“The guidelines apply a risk-based approach and include sector-specific counseling to financial support a high monetary standard of compliance with EU, subject and supranational AML rules.”

The guidelines include practical guidance on issues such as how to deal client and business lay on the line assessments, the relationship 'tween AML and safer gambling, client due industry and improving cooperation during the process, and suspicious transaction reporting requirements, among others.

“We’re pleased to represent the foremost ever so pan-European industry standards on anti-money laundering for Europe’s online gambling sector,” said Dr Ekaterina Hartmann, Director of Legal and Regulatory Affairs, EGBA.

“Preventing online gaming from being used to hide the proceeds of law-breaking is an important trial for Europe’s gaming operators – but there’s currently really little sector-specific guidance to assist operators in their compliance efforts. We hope these guidelines will occupy this crack and put down strong foundations for the sphere to accomplish the highest possible standards inwards AML compliance.

“It’s important to collect expertise crosswise the sector and we pay for stakeholder feedback on the guidelines to ensure that, together, the sphere tin kick in positively and proactively to Europe’s fight down against money laundering.”