EGBA Supports Updated EU AML Rules

By | July 21, 2021

EGBA is going to develop new AML guidelines as a help for Europe’s online gambling companies, according to the recent financial news.

New Anti-Money Laundering Authority (AMLA) is the official body that will coordinate national anti-money laundering authorities and financial intelligence units. These precautions will help to guarantee that all member states comply with EU anti-money laundering rules.

AMLA will have a lot of responsibilities in the financial life of the EU. This organization will regulate some institutions, which are at the biggest financial risk. It will also cover institutions that work in the majority of member states.

The European Commission has created a “black list” and “grey list”. Countries that will be added to these lists match the Financial Action Task Force (FATF).

The list of “jurisdictions under increased monitoring” includes the following countries:

Malta;
the Philippines;
Haiti;
South Sudan.

EGBA is ready to help operators with the EU AML rules compliance

According to the European Gaming and Betting Association, it is ready to join the European Commission in fighting against money laundering in the gambling industry. The association is going to consider the AML compliance requirements and, based on this, will prepare a set of instructions for gambling businesses. It will help operators to meet the requirements as changes will influence the gambling industry as well. They will mainly touch upon customer due diligence and beneficial ownership. The guide is expected to be released later this year.

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