The anti-money laundering (AML) compliance experts in Europe evaluated and revised the standards, which include the most recent technological advancements and legal developments; and expand upon EGBA's commitment to promoting the highest level of industry accountability in AML.
The EGBA guidelines on preventing money laundering and terrorist financing include useful, industry-specific advice on how online gambling operators should handle customer and business risk assessments, customer diligence procedures, suspicious transaction reporting, record keeping and other crucial areas requiring strict AML compliance.
Dr Ekaterina Hartmann, Director of Legal and Regulatory Affairs, EGBA, said: “As the sophistication of financial crime continues to evolve, the publication of these AML guidelines demonstrates EGBA’s commitment to ensure that Europe’s online gambling sector actively contributes towards the fight against financial crime.
“There’s currently a lack of sector-specific guidance to help Europe’s online gambling operators in their AML compliance efforts and these guidelines provide a valuable tool to fill this gap and help operators achieve the highest possible standards.”
Members of the EGBA are required to submit a report to the EGBA annually on how they are doing with following the rules. Other operators are welcome to join the initiative too.
To assist Europe in its battle against money laundering, EGBA members participated in 30 AML audits by the continent's regulatory bodies for gaming and finance, and filed approximately 13,000 complaints of suspicious activity with local law enforcement.