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EGBA reveals new anti money laundering guidelines

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On Monday, the European Gaming and Betting Association (EGBA) unveiled the new anti money laundering (AML) guidelines gambling operators in the region are expected to follow.

The rules were reviewed and revised by some of Europe’s most prominent AML compliance experts and will boost the organization’s efforts to curb money laundering in the region. According to a statement released by the EGBA, the regulations “reflect the latest technologies and laws and build upon EGBA’s commitment to promote the highest level of industry responsibility in AML”.

The new guidelines were announced after a consultation period that was held last autumn. During this period, the Brussels-based trade association requested feedback from experts in the area and national regulators.

The AML and anti terrorism financing rules consist of practical industry-specific advice for online gambling operators to guide them on how to handle suspicious transaction reporting, business and customer risk assessments, record keeping, customer diligence procedures, and several other areas that require AML adherence.

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EGBA’s Director of Legal and Regulatory Affairs, Dr Ekaterina Hartmann, revealed that the AML rules come at a time when the European online gambling sector lacks sector-specific guidance.

“As the sophistication of financial crime continues to evolve, the publication of these AML guidelines demonstrates EGBA’s commitment to ensure that Europe’s online gambling sector actively contributes towards the fight against financial crime,” Dr Hartmann said.

“There’s currently a lack of sector-specific guidance to help Europe’s online gambling operators in their AML compliance efforts and these guidelines provide a valuable tool to fill this gap and help operators achieve the highest possible standards.”

The new guidelines can ultimately aid European gambling operators in buffering their AML compliance and policies.

EGBA members are required to submit a report to the association every year detailing their progress in implementing the new rules. The association also extended the invitation to other operators to aid in the fight against money laundering and other financial offenses.

EGBA will reportedly set up a webinar in the near future to present the new AML rules. The guidelines come in addition to the anticipated pan-European AML Regulation.

To aid the region in the fight against money laundering, EGBA had to undergo 30 AML audits carried out by European gambling and financial regulators. There were also almost 13,000 reports of suspicious activity submitted to local law enforcement agencies.

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