EGBA introduces AML guidelines for European online gambling

The European Gaming and Betting Association (EGBA) has published a new set of guidelines designed to help the industry as a whole tackle anti-money laundering risks and shortcomings on a pan-European level. The association has outlined a new robust framework that gambling operators should follow in order to achieve rigorous anti-money laundering standards across their own operations and thus strengthen the industry’s reputation.

EGBA’s rules have been put to a meticulous review and approved by some of Europe’s most respected compliance specialists, giving them additional clout and importance. The new rules are also part of the association’s ongoing commitment to ensuring that AML regulation is met by not just its members – but also online gambling operators that operate under a national European gambling license.

EGBA has approached the matter with the industry in mind, making sure that it offers clear and actionable guidance on how to address sector-specific issues and help strengthen the overall business risk assessments, customer due diligence and suspicious transaction report processes.

In addition, the guidelines speak of record keeping alongside other important pivots of maintaining a robust AML framework and putting it in practice. EGBA is keen to see the sector champion a high compliance standard which will justify its operations and help prove that a traditionally high-risk sector is capable of deploying future-proof solutions that address regulatory concerns and exceed consumer expectations.

EGBA is also not issuing these guidelines as a one-sided approach. The association seeks constant input from partners and members, with all EGBA members presently submitting annual reports about their progress in implementing recommendations and guidelines issued by the association.

EGBA Director of Legal and Regulatory Affairs Ekaterina Hartmann has welcomed the opportunity to strengthen the sector’s AML guidelines once again. This, Hartmann noted, was a clear demonstration of the sector and EGBA’s commitment to making online gambling safer and more responsible.

"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," Hartmann concluded.

EGBA has been a force for good in the European gambling industry, developing a number of meaningful guidelines and kickstarting equally important initiatives. In January, EGBA came up with an approved European standard on harm. The organization has also been keeping track of the European gambling industry, publishing annual reports to offer insight into trends, developments, and changes.

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