EGBA welcomes approval of new EU AML rules

The European Gaming and Betting Association says the rules will provide more clarity for gambling operators.

Belgium.- The European Gaming and Betting Association (EGBA) has welcomed the European Parliament‘s approval of new AML rules, particularly on high-value transfers. The body, which represents online gambling operators, said the package of rules will create more consistency.

The new framework, which still has to be signed off by the Council of Europe, will see the introduction of a €10,000 limit on cash payments, with the exception of payments between private persons in a non-professional context. There are also rules on identity verification and measures to prevent the circumvention of international sanctions. 

The package also involves the creation of the European Anti-Money Laundering Authority (AMLA). The new watchdog will have investigative and supervisory powers and will collaborate with the EU’s 27 nations on AML compliance.

Ekaterina Hartmann, the EGBA’s director of legal and regulatory affairs, said: “We welcome the European Parliament’s approval of the new anti-money laundering package. The new framework will set high standards and ensure greater consistency in the application of AML rules across the EU. Online gambling operators, especially those operating in multiple countries, will benefit from a single rulebook and harmonised reporting requirements that will unravel national complexities.”

She added: “We will look to review our industry guidelines on AML to ensure their alignment with the new EU rules. By signing up to the guidelines, operators can already prepare themselves for the incoming changes in the EU rules and join our members in their efforts to proactively and positively contribute to the EU’s fight against money laundering.”

The Council of Europe is expected to clear the new AML rules in May.

European Digital Identity

Last month, the EGBA welcomed the European Parliament’s approval of plans to introduce a standardised method of electronic identification across the EU. The European Digital Identity (e-ID) is intended to allow citizens to easily validate their identity online.

The EGBA described the approval as a significant milestone in the journey towards a “more secure and inclusive digital environment for all citizens across the European Union (EU)”. It said the e-ID would be a transformative tool that addresses several concerns, including among gambling operators.