EGBA Supports New Anti-Money Laundering Measures in the EU

By | November 24, 2021

The European Gaming and Betting Association has outlined support for anti-money laundering measures across the EU. New rules against illegal financial actions will affect the online gambling sector as well. As global legislation news on the gambling sector reports, the European Commission proposed the financial regulation in July 2021.

In July 2021, the European Commission published a list of the new measures aimed at anti-money laundering programs in EU countries. The legislative package will be going through the discussion among European Parliament and Council members.

EGBA has responded to the Commission’s consultation and supported all the measures, which will make the online gambling market clearer and more responsible. AML has already become a fundamental requirement to the gambling operators with EU licenses.

The Association has been also very active in the anti-money laundering fighting via educating operators on the highest standards. Moreover, EGBA is the most active institution, which deals with breaking laws, low-quality services, and an unregulated online gambling market. EGBA is trying to implement self-regulation in the sector, which will help to research all the data and identify the problems so it will be easier to launch the right measures.

EGBA members are sure that the new regulation will help to assess possible risks in the sector and identify suspicious transactions easier and faster. The European Gaming and Betting Association also insists on launching Suspicious Transaction Reporting (STR) for better work organization inside the vertical.

EGBA also notices the importance of AML being not contradicted to other rules such as the EU General Data Protection Regulation (GDPR).

Find more news on the gambling online magazine website to stay tuned.

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