EGBA Welcomes European Commission’s AML Proposals

The European Gaming and Betting Association has praised the European Commission’s anti-money laundering recommendations and reaffirmed its commitment to working with all appropriate regulatory organisations to combat money laundering in the European Union.

After the European Commission announced suggestions for two anti-money laundering regulations and a reform of the present EU AML Directive, the anti-money laundering standards of the European Union are due to be revised and strengthened.

The Commission’s suggestions come after concerns and criticism that some EU member states have not adequately adopted and enforced the EU’s current anti-money laundering regulation in recent years.

Continuous improvement to EU framework

The European Gaming and Betting Association’s director of legal and regulatory affairs, Dr. Ekaterina Alexandrova Hartmann, stated: “We welcome the efforts of the European Commission to continuously improve the EU framework for combating money-laundering. 

“EGBA members already apply the highest regulatory standards in AML compliance and are fully committed to tackling money laundering in the online gambling sector. To support this, we are working closely with our members to develop EU-wide, sector-specific guidelines to help Europe’s online gambling companies comply with the increasingly complex AML rules in the EU.”

The proposed legislation, whilst geared at financial services, are expected to impact Europe’s online gaming business, including requirements on beneficial ownership, consumer due diligence and the establishment of new EU AML authority.

European Parliament and Council

The legislative package will now be sent to the European Parliament and Council for deliberation and eventual ratification, which could take up to 18 months.

The laws will go into effect immediately in all EU member states once they are approved, and EU member states will need to transcribe the Directive into national law.

The EGBA will assess the proposed amendments’ long-term implications for Europe’s online gaming sector’s AML compliance standards. EGBA is preparing a set of sector-specific guidelines for Europe’s online gaming companies to enable the best possible application of the EU’s AML legislation. The guidelines will be released in the second half of 2021.