EGBA welcomes plans for Frankfurt-based AML authority
The European Gaming and Betting Association has welcomed the decision to create a base of operations for the European Anti-Money Laundering Authority.
Brussels.- The European Gaming and Betting Association has responded favourably to the European Council’s decision to establish a base of operations for the new European Anti-Money Laundering Authority (AMLA) in the German city of Frankfurt.
The AMLA is due to start work in the middle of next year and will have a staff of around 400. It will undertake direct and indirect supervision of AML activities at EU entities, including major institutions. The aim is to harmonise the application of AML regulations across all EU member states. This work will include the creation of a standardised reporting template for Suspicious Transaction Reports (STRs), which the gambling sector will have to adhere to.
The EGBA noted that it had been proactive in this area. Last year, it published AML guidelines for online gambling operators reflecting the latest guidelines from the EU.
Dr. Ekaterina Hartmann, director of legal and regulatory affairs at the EGBA, said: “We welcome Frankfurt as the chosen seat of the new European Anti-Money Laundering Authority. Given the city’s position as the centre of European finance, it is a logical choice.
“We look forward to collaborating with AMLA to ensure the representation of the gambling sector’s voice in future EU-level AML discussions and help contribute positively to the fight against money laundering.
“The standardisation of STRs will really benefit gambling operators, particularly those who operate in many countries, because there are currently many different reporting formats across EU member states. By implementing our AML guidelines, operators can also already be well positioned for the EU’s incoming AML rules and play their part in raising standards across the industry.”
Earlier this month, the EGBA published its Annual Activity Report for 2023. The report includes data on members’ gross gaming revenue for the year 2022.
Overall, GGR was down by 9 per cent year-on-year at €10.7bn. Online casino revenue surpassed sports betting revenue for the first time, representing 48 per cent of members’ revenues. The number of bets taken rose by 19 per cent year-on-year to 132 billion. However, players bet lower sums, with stakes falling 9 per cent to €184bn.
It also highlighted its focus on AML measures, working with members to introduce new industry guidelines on due diligence, reporting and record keeping. Cyber security was another area of attention, through the work of an expert group to oversee operators’ sharing of best practices and intelligence in connection to cyber threats.
