European Gaming and Betting Association launches anti-money laundering guidelines

Posted: September 14, 2022, 10:27 a.m.

Last update on: September 14, 2022, 01:46h.

The European Gaming and Betting Association (EGBA) continues to make progress in voluntarily assisting the gaming industry. Its latest initiative brings together resources to help operators hone their financial business and support industry contributions to global anti-money laundering (AML) policies.

European Union flags fly in front of the headquarters of the European Commission
European Union flags fly outside the headquarters of the European Commission in Brussels, Belgium. The European Gambling and Betting Association is developing new measures to help the EU gambling industry continue to evolve responsibly. (Image; Reuters)

These resources include the EGBA’s first pan-European self-regulatory guidelines. They are intended to help European online gambling operators to proactively meet responsible gambling expectations.

To ensure the guidelines are effective, EGBA members such as Bet365, Flutter and others must submit an annual report to the EGBA. This should describe their progress in implementing the guidelines and provide any comments or concerns.

EGBA’s AML and Counter Terrorist Financing (CTF) guidelines include best practices published by the industry. Online gambling operators must follow them in their operations in the EU and EEA. However, this is not always the case. Another important area is AM and how it provides a safer gaming environment. This will likely receive significant coverage in the final EGBA product.

According to the EGBA, these policies are risk-based and provide industry guidance to ensure compliance with AML regulations at all levels. They can complement and strengthen existing legislation on this subject in different countries but also take into account the new EU package of measures.

Comments needed

The EGBA is currently seeking input from industry insiders from operators and others to ensure that its efforts cover all relevant details. It will receive comments until October 13. The organization will release its final guidelines shortly thereafter.

Among the elements highlighted by the EGBA are risk assessments for customers and businesses. There are also sections on due diligence and policies on reporting suspicious transactions. The latter has been a particular sore point for regulators across Europe.

The EGBA expects to make changes in the future. As the gaming industry continues to evolve, the arrival of new rules and policies will result in updates to the guidelines.

EU tackles money laundering

The European Commission of the EU has spent several years discussing how to better combat money laundering. He wants a unified solution that makes it easier for EU and EEA countries to track.

Technology has helped regulators better understand the nature of money laundering, with more tracking capabilities following leads. The problem exists in all industries, including gambling and banking. Wirecard and Deutsche Bank have had to answer several times for their alleged financial fraud.

Last year, the EU introduced a new set of rules that will strengthen its AML/CFT policies. The EU Single AML/CFT Regulation includes a new EU-wide authority to fight money laundering and even stricter reporting requirements. It also connects banks across the union to streamline reporting.

The new guidelines at EU level will be rolled out over the next few years.

Andrew B. Reiter