The European Union (EU) finalized its new anti-money laundering (AML) framework on Thursday, following approval by the European Council. The legislation, which aims to strengthen financial crime prevention while simplifying compliance for operators, was welcomed by the European Gaming and Betting Association (EGBA).
The new rules establish the European Anti-Money Laundering Authority (AMLA), with direct supervisory powers to ensure consistent AML enforcement across member states. AMLA will work alongside national authorities and be responsible for technical regulations, some of them impacting online gambling.
The package also includes the 6th Anti-Money Laundering Directive (AMLD) outlining national oversight procedures and the Anti-Money Laundering Regulation (AMLR) detailing customer due diligence and beneficial ownership transparency requirements. AMLR sets a €2,000 ($2,176) threshold for online gambling operators conducting player due diligence.
A key benefit for online gambling operators is the introduction of a harmonized format for Suspicious Transaction Reports (STRs). This will eliminate variations in reporting requirements across member states, reducing administrative burdens and costs.
The EGBA, representing leading online gambling operators across the region, has existing industry-specific AML guidelines that align with the core principles of the AMLR proposal, says the association EGBA members already implement these guidelines and will update them to reflect the final legislation.
Dr. Ekaterina Hartmann, Director of Legal and Regulatory Affairs at EGBA, said: “We welcome the finalisation of the new anti-money laundering package. EGBA has actively followed and contributed to the revision of the AML rules at EU-level and believes the new rules will benefit Europe’s online gambling operators, especially those operating in multiple jurisdictions, by ensuring a single regulatory approach across EU member states.”
EGBA will review and update its industry guidelines to ensure alignment with the new framework, said Hartmann, adding that it will also encourage operators to sign up to proactively contribute to the fight against money laundering in the EU.
The AMLR will enter into force three years after publication in the EU Official Journal.
Original article: https://www.yogonet.com/international/noticias/2024/06/04/72491-egba-welcomes-approval-of-new-eu-antimoney-laundering-framework
