Published
Legal & RegulatoryIndustry

EGBA welcomes anti-money laundering rules from EU

The European Gaming and Betting Association (EGBA) has welcomed anti-money laundering proposals made by the European Union (EU).  

EU

The EU has published proposals for two anti-money laundering regulations and a revision on the current EU anti-money laundering directive.  

The proposals build on concerns in recent years that some EU members have not sufficiently implemented or enforced the EU’s current anti-money laundering rulebook.  

Mainly, the proposed regulations are directed towards financial services. 

EGBA says it welcomes the announcement and “reaffirms its commitment to work with all relevant regulatory bodies,” such as the EU, to combat money laundering in Europe.  

Some of the proposed changes are expected to affect Europe’s online gambling sector, including beneficial ownership, customer due diligence and establishing a new anti-money laundering authority.  

The proposals will now go through the EU legislative process and will be sent to the European Parliament and Council to be reviewed and approved.  

The process could take 18 months, but once approved the changes will come into force immediately and every EU member will have to follow them.  

Ekaterina Hartmann, EGBA Director, said: “We welcome the efforts of the European Commission to continuously improve the EU framework for combatting money laundering. EGBA members already apply the highest regulatory standards in AML compliance and are fully committed to tackling money laundering in the online gambling sector.  

“To support this, we are working closely with our members to develop EU-wide, sector-specific guidelines to help Europe’s online gambling companies comply with the increasingly complex AML rules in the EU.” 

Premium+ Connections
Premium

Galaxsys

 
Premium

1xBet Partners

 
Premium

RISK

 
Premium

Revsharks

 
Premium

Lynon

 
Premium

Digitain

 
 
Premium

GammaStack

 
Premium

PIN-UP Partners

 
Premium

Imagine Live

 
Premium

Sport Generate

 
Premium Connections
Consultancy

SCCG Management

Executive Profiles
Zeal Network SE

Stefan Tweraser

VIP Play

Les Ottolenghi

Scientific Games

Keshav Pitani

Social & App

Spribe CEO exclusive: Simplicity is the foundation

Spribe CEO David Natroshvili speaks to Gambling Insider abou...

Redefining iGaming: A history of crash games

Crash games is a growing vertical that has taken gambling by...

A certain something: What makes crash games special?

Crash games. They’re simple, they’re easy to learn and,...

Smarter innovation to shape the future

Spribe CCO Giorgi Tsutskiridze discusses the past, present a...

Facing Facts: The corner of quarterly contemplation

With Q1 reports out across the industry, Gambling Insider co...

Taking Stock: A guide to key stock prices across the industry

Gambling Insider tracks prices from some of the industry’s...

15 years of Gambling Insider: From the Founders

Over the last 15 years, Gambling Insider magazine has interv...

15 years of Gambling Insider: The Awards over time

Global Gaming Awards Event Manager Mariya Savova gives us he...