EGBA Announces New Anti-Money Laundering Guidelines for the Entire European Union

EGBA Announces New Anti-Money Laundering Guidelines for the Entire European Union

In light of new information and regulations, the European specialists in anti-money laundering (AML) compliance reviewed and updated the standards, which build on EGBA's previous work in this area and aim to ensure that the industry is held to the highest possible standard of responsibility.

Provided by the European Gaming and Betting Association (EGBA) are industry-specific recommendations for how online gambling operators should manage client and company risk assessments, customer diligence processes, reporting of suspicious transactions, record keeping, and other critical areas necessitating stringent AML compliance.

In light of the ever-increasing complexity of financial crime, the publication of these AML guidelines shows EGBA's determination to make sure that the online gambling industry in Europe helps combat this crime, according to Dr. Ekaterina Hartmann, EGBA's Director of Legal and Regulatory Affairs.

“These guidelines offer a valuable tool to fill this gap and help operators achieve the highest possible standards. There is currently a lack of sector-specific guidance to assist Europe’s online gambling operators in their AML compliance efforts.”

Each year, the EGBA requests a report from its members detailing their compliance with the rules. It is also open to other operators to participate in the effort.

Approximately 13,000 complaints of suspicious behaviour were lodged with local law enforcement, and EGBA members took part in 30 AML audits conducted by the continent's regulatory agencies for gaming and finance. This helped Europe in its fight against money laundering.