EGBA publishes pan-European AML guidelines for the online gambling sector

The European Gaming and Betting Association (EGBA) announced it has published its first pan-European anti-money laundering guidelines for online gambling. The publication is set to strengthen EGBA’s AML efforts by introducing a set of standards that online gambling operators should apply to ensure the highest level of compliance with the latest anti-money laundering rules in the EU.

The guidelines, reviewed and revised by Europe’s top anti-money laundering compliance experts, reflect the latest technologies and laws and build upon EGBA’s commitment to promoting “the highest level of industry responsibility in AML.” 

The EGBA guidelines on fighting money laundering and terrorist financing contain practical, sector-specific guidance on how online gambling operators should conduct customer and business risk assessments, customer due diligence processes, suspicious transaction reporting, record keeping, and other essential areas which require strong AML compliance. 

The guidelines, which operators should apply across their EU operations, apply a risk-based approach and aim to support the sector’s compliance with Europe’s various AML rules, including the EU’s upcoming AML regulation. 

EGBA members are required to submit yearly reports to EGBA summarizing their progress in implementing the guidelines, and other operators are also invited to join the initiatives. 

Publication of the guidelines follows a consultation period in the autumn of 2022, where EGBA invited feedback from industry experts and national regulatory authorities. 

Dr. Ekaterina Hartmann, Director of Legal and Regulatory Affairs, EGBA, commented: “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 their AML compliance efforts and these guidelines provide a valuable tool to fill this gap and help operators achieve the highest possible standards,” she added.