New EU anti-money laundering package approved: stricter rules for online gambling

The European Parliament and the Council of the EU have approved the new anti-money laundering package. The new package aims to achieve more coherent regulations for the fight against money laundering and terrorist financing in the EU.

EGBA welcomes new package

The European Gaming and Betting Association EGBA is a trade association that represents the interests of the online gaming and gambling industry in Europe. Based in Brussels it represents the leading European providers of online gambling. The organization says it is pleased with the package.

Key points of the new package:

• One regulatory manual with provisions on customer due diligence, transparency of ultimate stakeholders and the use of cryptocurrencies.
• The Sixth Anti-Money Laundering Directive with national regulations on supervision and AML authorities, and access to necessary information.
• Establishment of the European Anti-Money Laundering Authority (AMLA) with supervisory and investigative powers.

Benefits for online gambling companies:

• Consistent regulations in all EU member states.
• Structured reporting format for suspicious transactions.
• Fewer administrative burdens and costs.

EGBA is pleased with the new rules and has developed industry-specific guidelines to help online gambling companies comply with the new AML requirements.