Hot-Topics

EU Gaming and Betting Association Proposes Enhanced Anti-Money Laundering Measures

Gambling Industry Set to Face Tighter Regulation Under New Anti-Money Laundering Measures Proposed by European Gaming and Betting Association.

SymClub
Jun 21, 2024
2 min read
Newscasino
Flags of the European Union countries flying at the EU’s headquarters. The EGBA, representing the...
Flags of the European Union countries flying at the EU’s headquarters. The EGBA, representing the EU’s gaming industry, is increasing its AML oversight.

Attention!

Limited offer

Learn more

EU Gaming and Betting Association Proposes Enhanced Anti-Money Laundering Measures

Cracking down on money laundering continues to be a top priority in the international gaming sector. Both gaming and financial authorities constantly work to thwart this danger, and the gaming industry's insiders don't shy away from their contribution either. The European Gaming and Betting Association (EGBA) is one such contributor, releasing its first pan-European guidelines for the industry.

The EGBA's dedication to maintaining the industry's highest level of accountability in anti-money laundering (AML) compliance led to this publication. This newly developed framework was reviewed by Europe's leading AML compliance experts, as per the group, and is based on the latest technology and regulations.

These new guidelines offer industry-specific and practical advice on how online gambling operators should perform risk assessments for their customers and businesses. It also covers due diligence procedures, reporting suspicious transactions, and record maintenance. There's even a section on how EGBA members need to adhere to other AML and counter-terrorist financing (AML/CTF) obligations.

AML Policies Gain Increased Significance

For operators across the European Union (EU) to comply with various regulations, including the upcoming EU AML legislation, these guidelines must be implemented with a risk-based approach to ensure industry compliance with different regulations.

EGBA members submit annual compliance reports to the association, and other industry insiders are also encouraged to participate in this initiative.

Last fall, the EGBA sought feedback from industry insiders and regulatory authorities across the region. The importance of promoting a culture of AML compliance was highly valued by EGBA members, contributing to the development of the new guidance.

Europe’s financial and gambling regulators, with the voluntary support of gaming operators, conducted 30 AML audits of gaming activities in 2021. This resulted in close to 13K suspicious activity reports being submitted to national law enforcement agencies to aid in the fight against money laundering.

EGBA members frequently shape AML policies across Europe. Numerous group members are active participants in various anti-money laundering forums, including those led by the European Commission and the Financial Action Task Force.

Updated Payment Standards

A hot topic in the fight against money laundering is cashless gaming, which is already gaining traction in various parts of the world, such as New South Wales in Australia aiming to make it the default option.

Until cashless gaming becomes widespread, the International Gaming Standards Association (IGSA) has introduced an alternative. The trade organization has created the Payment Standards Committee responsible for developing a "series of standards governing online, mobile, and other payments for all segments of the global gaming industry."

The founding members of the committee are Aristocrat Gaming, Axes.ai, Playtech, and the Oregon Lottery. The IGSA also includes among its members the UNLV International Gaming Institute and the International Association of Gaming Regulators.

The group's initial task will be to analyze all currently used payment channels. This will allow them to generate detailed information that can be shared with law enforcement agencies worldwide. The aim is to help these departments understand how the gaming industry safeguards the flow of money against fraud and illicit activity.

Read also:

Attention!

Limited offer

Learn more