EGBA Reveals New Guidelines to Prevent Money Laundering in the Industry
The European Gaming and Betting Association (EGBA) keeps working hard to prevent money laundering in the industry. EGBA announced that new standards are included in its anti-money laundering leadership and invited online gambling operators to implement them in their daily operations. It will help them comply with EU laws and regulations and avoid money laundering in their companies.
Anti-money laundering initiative:
These standards are included in the first pan-European guidelines. Europe fights against money laundering in many fields of business, and adjoining the online gambling sector in this initiative is the next step towards eradicating money laundering on the continent.
The best anti-money laundering (AML) compliance experts in Europe have seen guidelines and revised them to make them the best possible and easy to implement. The most modern technologies are included in the process, and everything is prescribed according to the current law. EGBA’s mission is to encourage improving the responsibility in AML, and the guidelines are a significant step towards it.
The guidelines include advice on fighting money laundering and terrorist financing. Advice is practical, and each sector has its own customized guidelines. Online gambling operators will be advised on how to evaluate potential risks for both customers and businesses, as well as the customer due diligence processes. Also, operators will be informed about reporting any suspicious activity and transactions, keeping all the necessary records, and any other potentially problematic activity that AML needs to be aware of.
Guidelines will need to be applied across the whole EU territory. Soon-to-be-released AML Regulation will help operators deliver the best possible results.
EGBA expects the operators’ annual reports to show their progress regarding these guidelines, and all of the operators that still aren’t part of this were invited to join.
Mutual respect and benefits:
Industry experts and regulatory authorities from many countries were invited to give their opinion on the matter in the autumn of last year. All of the EGBA’s members collaborate with AML experts, following its rules and regulations. That showed the results from 2021, when 30 AML audits were conducted, and nearly 13.000 reports were filled to the national law enforcement agencies. All of that helped in decreasing the amount of money laundering. EGBA also has the right to represent its members in AML forums that are very important for each operator, such as the European Commission and Financial Action Task Force (FATF).
Dr. Ekaterina Hartmann, Director of Legal and Regulatory Affairs at EGBA, said: “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. There’s currently a lack of sector-specific guidance to help Europe’s online gambling operators in theirAML compliance efforts and these guidelines provide a valuable tool to fill this gap and help operators achieve the highest possible standards.“
The new guidelines will be presented in a webinar organized by EGBA. If you’re interested in participating, here’s a link to sign up.
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