The European Gaming and Betting Association has welcomed the European Union’s new anti-money laundering package, backing the rules to provide operators “from a single rulebook and harmonised reporting requirements that will unravel national complexities.”
The European Parliament approved the EU’s new AML measures on Wednesday at its plenary sitting.
The package offers provisions for conducting due diligence on customers, transparency of beneficial owners and the use of crypto assets.
The European Anti-Money Laundering Authority will also be established, which will have supervisory and investigative powers to ensure compliance.
It also facilitates the 6th Anti-Money Laundering Directive containing national provisions on supervision and national AML authorities, as well as on the access of authorities to necessary and reliable information.
“Another important feature, under the competence of AMLA, will be the creation of a harmonised reporting format for Suspicious Transaction Reports,” the trade association said.
“This will ensure that Europe’s online gambling operators encounter the same STR requirements across all EU member states, thereby setting clear and consistent expectations that will reduce administrative burdens and costs.”
The EGBA’s director of legal and regulatory affairs, Dr. Ekaterina Hartmann, said: “We will look to review our industry guidelines on AML to ensure their alignment with the new EU rules.
“By signing up to the guidelines, operators can already prepare themselves for the incoming changes in the EU rules and join our members in their efforts to proactively and positively contribute to the EU’s fight against money laundering.”
The Council of the EU is expected to formally adopt the package in May before it is published in the EU’s official journal.
