The European Gaming and Betting Association (EGBA) has confirmed Frankfurt as the seat of the new European Anti-Money Laundering Authority (AMLA).
The agreement has resulted in the creation of a European anti-money laundering authority that will operate with and in addition to already established national anti-money laundering (AML) authorities in EU member states.
AMLA will begin operation in mid-2025 and will have direct and indirect supervisory powers over obliged entities and the power to intervene in cross-border cases.
The EGBA has created industry-specific guidelines on anti-money laundering to help online gambling operators to comply with AML rules in the EU and EGBA members will engage in regular discussions on the implementation of guidelines. They will also have to submit annual reports to EGBA to summarise their progress.
EGBA Director of Legal and Regulatory Affairs, Dr. Ekaterina Hartmann, 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.”
In other legal news, the Swedish Trade Association for Online Gambling has highlighted its opposition to a ban on credit card gambling in Sweden.
