EGBA Publishes Pan-European AML Guidelines, Expects Feedback

The European Gaming and Betting Association has doubled down on efforts to minimize anti-money laundering (AML) breaches by publishing new pan-European guidelines. These disciplines are set to strengthen AML policies for operators that operate in Europe. 

Industry Stakeholders Need to Provide Feedback on the Guidelines by October 13

The guidelines by EGBA feature practical advice on how to conduct risk assessments for businesses and customers. Additionally, they contain details on improving the due diligence of customers, as well as ID check cooperation. 

Stakeholders within the industry have until October 13 to submit their feedback on the proposed guidelines. Following the deadline, these guidelines will be published by the EGBA. 

Dr Ekaterina Hartmann, the director of legal and regulatory at EGBA, shared a few words on the development. She said that the EGBA is proud to present the “first ever pan-European industry standards” related to AML in Europe’s online gaming sector. 

She added that one of the biggest challenges in the industry is making sure that online gambling is not used to hide the proceeds of criminal activities. According to Hartmann, there aren’t a lot of standards that are specifically designed for the industry at the moment.

That is why she thinks that the new guidelines will “lay strong foundations for the sector” and help it achieve the highest standards in AML compliance. 

As for the final output, Hartmann noted that it is of extreme importance to gather intelligence and that is where the feedback from the industry stakeholders comes into play. They will contribute to a more proactive battle against AML crimes in Europe. 

Europe’s Gambling Industry Is Becoming Safer

Back in 2021, gambling operators in Europe pledged their support for safer gambling. Not only that, but in July this year, the European Commission proposed new AML rules, which were supported by EGBA.

Several countries in Europe made massive progress in making sure that the gambling industry is safer. The Netherlands banned numerous forms of gambling advertising as a way to protect consumers and make sure that underage people and those at harm are not too exposed. 

The UK Gambling Commission has been working relentlessly as well. Most recently, the regulator slapped Entain with a multi-million AML and social responsibility fine. Ireland has been making massive progress as authorities introduced a new regulator –  the Gambling Regulatory Authority of Ireland. 

In May, the Justice Committee of the Irish Parliament published a pre-legislative scrutiny report on the General Scheme of the Gambling Regulation Bill. The publication was welcomed by EGBA as Maarten Haijer, EGBA’s secretary general, saluted the development. 

He stated that a collaborative approach is vital in creating a well-regulated gambling industry and concluded by saying that EGBA encourages Irish authorities to use gambling regulations across the EU to find the best practices as they don’t need to “completely reinvent the wheel.”