EU finalises new AML rules, easing compliance for operators

Shirley Pulis Xerxen June 3, 2024

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EU finalises new AML rules, easing compliance for operators

The European Council has approved the EU’s new anti-money laundering (AML) package. With the legislative process completed, a more standardised approach to combatting financial crime within the EU is now possible. The European Gaming and Betting Association (EGBA) has welcomed the move, emphasising the benefits for online gambling operators.

The new rules, which will come into effect three years after being published in the Official Journal of the EU, include the establishment of the European Anti-Money Laundering Authority (AMLA) in Frankfurt. The AMLA will have direct and indirect supervisory powers to enforce compliance with AML requirements and will work alongside national AML authorities.

Key introductions and changes to regulation

The package also introduces the 6th Anti-Money Laundering Directive, which outlines provisions for supervision and the powers of national AML authorities, including access to beneficial ownership registers. Additionally, a new Anti-Money Laundering Regulation (AMLR) sets requirements for due diligence, transparency of beneficial owners, and other measures, with a €2,000 threshold for due diligence on players for online gambling operators.

One of the key changes is the creation of a harmonised reporting format for Suspicious Transaction Reports (STRs), which will ensure consistent requirements across EU member states, reducing administrative burdens for operators.

EGBA’s positive response

EGBA has been proactive in preparing for these changes, having developed industry-specific guidelines on anti-money laundering that apply a risk-based approach. EGBA members, which include Europe’s leading online gambling operators, have already been implementing these guidelines and will update them to align with the final versions of the EU legislation.

Dr. Ekaterina Hartmann, Director of Legal and Regulatory Affairs at EGBA, emphasised the association’s active involvement in the revision of the AML rules at the EU level and the benefits the new rules will bring to operators, particularly those active in multiple jurisdictions.

“We welcome the finalisation of the new anti-money laundering package. EGBA has actively followed and contributed to the revision of the AML rules at EU-level and believes the new rules will benefit Europe’s online gambling operators, especially those operating in multiple jurisdictions, by ensuring a single regulatory approach across EU member states. With finalisation of the new rules, EGBA will review and update its industry guidelines on AML to ensure their alignment with the rules. By signing up to the guidelines, operators can begin preparing themselves for the EU rule changes and join our members in their efforts to proactively and positively contribute to the fight against money laundering in the EU,” Dr. Hartmann said.

The EGBA has invited all EU-based online gambling operators to participate in its industry guidelines on AML, aiming to foster a collaborative approach to compliance and the fight against money laundering.

SiGMA East Europe Summit

Find out more about the latest updates and trends in the industry, from latest regulatory news to most recent innovations at the upcoming SiGMA East Europe Summit happening in Budapest from 2 – 4 September.