EGBA New Anti-Money Laundering Guidelines
The European Gaming and Betting Association (EGBA) recently released its new Anti-Money Laundering (AML) guidelines for online gambling operators. The new guidelines will help ensure that online gaming and betting activities comply with each EU Member State’s relevant anti-money laundering regulations. It is essential to demonstrate the commitment to fighting financial crime across Europe.
Gambling revenues in Europe have seen a massive uptick in 2020 due in part to stay-at-home orders and increasing online gambling options. The European Gaming and Betting Association has taken a stand against money laundering by introducing the first pan-European anti-money laundering guidelines for gambling operators across Europe.
At the same time, the European Gaming and Betting Association submitted a proposal to the European Committee for Standardisation (CEN) outlining their plan to create a European standard on markers of harm for online gambling.
The CEN define the markers as any indicator that could be used to identify players at risk of developing problematic gambling behaviour. Identifiers include data like the amount spent on gambling, frequency of playing, duration of play, and other behavioural patterns that could be used to detect when someone is experiencing difficulty controlling their gambling.
The new AML and CEN guidelines are an important step forward in helping to ensure not only gambling integrity but that gambling revenues are properly managed and accounted for. Online gambling operators need to be aware of the importance of these guidelines and adhere to them for their benefit and that of their customers.
The AML guidelines amalgamate the best practices from all 28 EU Member States and feedback from industry experts and national regulatory authorities. They provide a comprehensive approach to compliance with applicable AML laws, including rules on customer due diligence, information sharing, and monitoring suspicious activity. Operators must abide by these guidelines to provide a safe gaming environment for their customers.
The EGBA has also outlined a consultation process for 2023/4 to review the effectiveness of the guidelines. This process will involve extensive dialogue between industry experts and national regulatory authorities to protect all players from financial crime. In addition, there will be regular meetings between EGBA members and National Regulatory Authorities (NRAs) representatives about the anti-money laundering guidelines.
Finally, operators must demonstrate their commitment to fighting financial crime by developing an adequate risk assessment framework that includes customer due diligence procedures, transaction monitoring systems, and appropriate reporting systems that comply with relevant AML laws. Operators should also be prepared to cooperate with law enforcement authorities when necessary to prevent any illegal activities or money laundering attempts.
In conclusion, the new Pan-European AML guidelines issued by EGBA help establish a unified European approach towards combatting financial crime in online gambling activities. The guidelines set out key components that operators must follow to ensure compliance with applicable AML laws while providing a safe environment for all players.
Running alongside the AML guidelines, The European Standard on Markers of Harm will ensure that all operators adhere to the same standards when identifying risky or harmful behaviour. The timeline for this process began in early 2021, with stakeholders submitting their ideas before an official draft was released in June 2021. The finalised standard will be voluntary rather than legally binding. Still, it will help ensure that all operators use consistent criteria when identifying problem gamblers and is expected in the Q2 of 2023.
