EGBA Unveils AML Guidelines for European Online Gambling Operators

The Brussels-based trade association representing online gambling operators in Europe, the European Gaming and Betting Association (EGBA), announced it has released new pan-European anti-money laundering (AML) guidelines for the iGaming sector. The announcement came Monday and sees the organization boost its efforts against money laundering for the Old Continent.

The new set of rules was released after a consultation period was conducted last autumn. For the period of the consultation, EGBA asked for feedback from national regulators, as well as experts within the vertical.

The newly released guidelines for the online gambling sector in Europe were compiled thanks to contributions from leading AML compliance experts. At the same time, the rules “reflect the latest technologies and laws and build upon EGBA’s commitment to promote the highest level of industry responsibility in AML,” explains a statement released by the Association.

Guidelines Are Expected to Help European Online Gambling Operators

Dr Ekaterina Hartmann, EGBA’s director of legal and regulatory affairs, explained that the new AML guidelines reaffirm EGBA’s commitment to protecting the online gambling sector in Europe from financial crimes. At the same time, she pointed out that the guidance comes at a time when financial crimes continue to evolve and become more sophisticated.

Dr Hartmann explained that currently, there is no sector-specific guidance for the online gambling sector in Europe, which is why the new “guidelines provide a valuable tool to fill this gap and help operators achieve the highest possible standards.”

“As the sophistication of financial crime continues to evolve, the publication of these AML guidelines demonstrates EGBA’s commitment to ensure that Europe’s online gambling sector actively contributes towards the fight against financial crime.“

Dr Ekaterina Hartmann, director of legal and regulatory affairs at EGBA

The new guidelines, as explained by EGBA, bring practical sector-specific guidance for online gambling operators. This includes guidance on how such companies should conduct due diligence checks, as well as reporting suspicious transactions and risk assessments. Ultimately, this is vital guidance that can help gambling operators strengthen their AML policies and compliance.

EGBA’s guidance comes in addition to the upcoming pan-European AML Regulation. Companies that are EGBA members need to annually submit reports to the association and confirm the progress on the implementation of the guidelines. Still, EGBA invited other operators to also join the initiative and the fight against money laundering and financial crimes.