Frankfurt will serve as the new base for AMLA.
The Gaming and Betting Association of Europe (EGBA) has declared Frankfurt as the fresh base for the European Anti-Money Laundering Organization (AMLO). This is an AML organization functioning within the European Union member states. AMLO is scheduled to kick off its operations in Germany by mid-2025.**
EGBA Sets Out Sector-Specific Anti-Money Laundering Standards in Online Gaming
As reported by gambling news portal GAMBLING INSIDER [English link], the EGBA has chosen Frankfurt, the financial heart, as the new base for AMLO.
AMLO, being a EU entity, focuses on combating money laundering and terrorism financing. Eradicating money laundering in the gaming sector is a primary goal for AMLO.
All EGBA members will also engage in frequent discussions to deliberate on the application and adherence to these standards. Additionally, a yearly report will be mandatory to record and demonstrate the advancement and implementation of anti-money laundering standards. Dr. Ekaterina Hartmann, EGBA's Director of Legal and Regulatory Affairs, commented on the new base of the authority in Frankfurt:
We welcome Frankfurt as the selected base of the new European Anti-Money Laundering Organization. Being located at the heart of European finance, this is a logical choice. We are eager to collaborate with AMLO to ensure that the gaming sector's voice is represented in future EU-level AML discussions and to contribute positively to combating money laundering.– Dr. Ekaterina Hartmann, EGBA's Director of Legal and Regulatory Affairs, GAMBLING INSIDER**
EGBA Champions Regulated and Secure Online Gaming in Europe
The European Gaming and Betting Association (EGBA) [English link], headquartered in Brussels, advocates for secure and transparent online gaming across Europe. The body assists gaming providers such as Entain, Flutter, and Kindred in finding common norms and represents their interests at the European level.
Moreover, EGBA supports high standards across the gaming industry to promote responsible gaming and foster trust among gaming customers.
EGBA also oversees the implementation of prescribed guidelines across Europe and influences legislation in respective EU countries. Lastly, EGBA collaborates with other organizations that advocate for player protection sustained over time. Last year, EGBA pushed for a gambling advertisement ban in Italy due to high black market turnover.
Federal Finance Minister Christian Lindner Guarantees European Competition
Federal Finance Minister Christian Lindner (FDP) was a vocal advocate for the new AMLO base in Frankfurt at the start of the year. To attract the authority, Lindner promised at least 20 million euros. He faced stiff competition from cities like Paris, Rome, and Madrid. After Frankfurt secured the bid, at least 400 new EU jobs will be created in Germany.
According to Frankfurt's Mayor Mike Josef, the authority has three options to choose from for its new office - two skyscrapers in the city center, and the office building Flow at Frankfurt Airport.
The establishment of AMLO in Frankfurt by EGBA is widely covered in the gambling news, with Gambling Insider reporting on the selection of Frankfurt as the new base.
The creation of EU jobs due to AMLO's establishment in Frankfurt is a significant development in the fight against money laundering, as highlighted by City Mayor Mike Josef.
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