The European Gaming and Betting Association (EGBA) has published the first ever pan-European, self-regulatory guidelines to help iGaming companies comply with EU, national and supranational anti-money laundering (AML) rules.
The EGBA guidelines on fighting money laundering and terrorist financing apply a risk-based approach and contain best practice industry standards, which online gambling operators should apply across their entire EU and EEA operations.
While the guidelines are intended to complement and strengthen existing AML rules, they have also been developed with consideration towards the EU’s upcoming AML package, which contains new rules on AML procedures.
EGBA director of legal and regulatory affairs Ekaterina Hartmann: “Preventing online gambling from being used to hide the proceeds of crime is an important test for Europe’s gambling operators, but there’s currently very little sector-specific guidance to help operators.”
The guidelines include practical guidance on customer and business risk assessments, customer due diligence, suspicious transaction reporting requirements, the relationship between AML and safer gambling and record-keeping requirements.
EGBA’s director of legal and regulatory affairs Ekaterina Hartmann commented: “Preventing online gambling from being used to hide the proceeds of crime is an important test for Europe’s gambling operators – but there’s currently very little sector-specific guidance to help operators in their compliance efforts.
“We hope these guidelines will fill this gap and lay strong foundations for the sector to achieve the highest possible standards in AML compliance.
“It’s important to gather expertise across the sector and we invite stakeholder feedback on the guidelines to ensure that, together, the sector can contribute positively and proactively to Europe’s fight against money laundering,” she added.
The EGBA has invited stakeholders to submit feedback by 13 October, after which time the final guidelines will be published.
The EGBA currently represents bet365, Betsson Group, Entain, Flutter, Kindred Group, and William Hill; however, companies who are not members of EGBA are also invited to join the initiative.
EGBA members will be required to submit yearly reports to the EGBA summarising their progress in implementing the guidelines.