EGBA releases first ever pan-European anti-money laundering guidelines for online operators

The European Gaming and Betting Association (EGBA) has published the first ever pan-European, self-regulatory guidelines to strengthen anti-money laundering (AML) efforts of Europe’s online gambling operators. The move is set to support the sector’s contribution to the fight against money laundering, with EGBA saying that the publication of the guidelines continues its commitment to promoting "the highest level of industry responsibility."

As per the announcement, the EGBA guidelines on fighting money laundering and terrorist financing contain "best practice industry standards," which online gambling operators should apply across their entire EU and EEA operations. The guidelines apply a risk-based approach and include sector-specific guidance to support a high standard of compliance with EU, national, and supranational AML rules.

📢 EGBA's new pan-European guidelines on anti-money laundering provide sector-specific guidance to help Europe's online gambling operators apply the latest best practices in #AML compliance. We invite feedback on the guidelines by 13 October ✍️ More info: https://t.co/3PNML6l4J0 pic.twitter.com/6yLA1jbFaV

— EGBA (@EUgambling) September 14, 2022

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, the association said.

The guidelines include, amongst others, practical guidance on:

• How to conduct customer and business risk assessments.
• Customer Due Diligence and improving cooperation during the process.
• Suspicious Transaction Reporting requirements.
• The relationship between AML and safer gambling.
• Record-keeping requirements.

In a press release, the EGBA said that in order to "ensure the latest industry best practices are incorporated in the guidelines, EGBA invites interested stakeholders to submit via e-mail feedback by October 13, 2022, following which EGBA will publish the finalized guidelines."

To ensure the guidelines do what they intend, EGBA members will be required to submit yearly reports to EGBA summarising their progress in implementing the guidelines. The guidelines may be amended in the future to ensure they remain up to date with the latest industry best practices. "Companies that are not members of EGBA are invited to join the initiative," the association further added.

Ekaterina Hartmann, Director of Legal and Regulatory Affairs, EGBA, said: "We’re pleased to present the first ever pan-European industry standards on anti-money laundering for Europe’s online gambling sector. 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 concluded.