EGBA publishes new pan-European anti-money laundering guidelines

The European Gaming and Betting Association (EGBA) has announced the publication of its first pan-European guidelines to support the online gambling sector’s contribution to Europe’s fight against money laundering. The guidelines have been reviewed and revised by Europe’s anti-money laundering (AML) compliance experts.

“The EGBA guidelines on fighting money laundering and terrorist financing contain practical, sector-specific guidance on how online gambling operators should conduct customer and business risk assessments, customer due diligence processes, suspicious transaction reporting, record keeping and other essential areas which require strong AML compliance”, reads the EGBA’s press release. In 2021, EGBA member were subject to 30 AML audits by Europe’s gambling and financial regulatory authorities and submitted nearly 13,000 suspicious activity reports to national law enforcement agencies to support Europe’s fight againt money laundering. “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”, said Dr Ekaterina Hartmann, Director of Legal and Regulatory Affairs, EGBA.