European Gaming and Betting Association drafts new AML protocols

Posted on: 8 March 2023, 06:59h.

Last updated: March 8, 2023, 6:59 AM.

Money laundering and how to stop it remain priorities in the global gaming ecosystem. Gaming and financial regulators are constantly developing protocols to counter the threat, but gaming industry insiders are also doing their part. The European Gaming and Betting Association (EGBA) is one of them, publishing its first pan-European guidelines for the industry.

Flags of the countries of the European Union fly over the headquarters of the EU
Flags of the countries of the European Union fly over the headquarters of the EU. The EGBA, representing the EU gaming industry, is increasing its AML oversight. (Image: Dreamstime)

It is EGBA’s commitment to promoting the highest level of accountability in the industry in anti-money laundering (AML) that has driven this publication. The new framework has been reviewed by Europe’s leading anti-money laundering (AML) experts and is based on the latest technology and legislation, according to the group.

The new guidelines provide industry-specific and practical guidance on how online gambling operators should conduct risk assessments of their customers and businesses. It also includes due diligence processes, suspicious transaction reporting, and record keeping. There is also a section on how EGBA members must comply with other Anti-Money Laundering and Terrorist Financing (AML/CTF) obligations.

AML policies get a new priority level

In order for operators across the European Union (EU) to comply with different regulations, including the upcoming EU AML legislation, these guidelines need to be implemented with a risk-based approach to ensure the industry adapts to different regulations.

EGBA members annually report their compliance to the association. In addition, other industry insiders can also participate in this initiative.

Last autumn, the EGBA launched a consultation, seeking feedback from industry insiders and regulators across the region. The members placed a high value on fostering a culture of AML compliance, which helped formulate the new guidelines.

In 2021, the European financial and gambling regulators, with the voluntary support of gambling operators, conducted 30 AML audits of gambling activities. money laundering.

EGBA members are regularly involved in shaping AML policies across Europe. Several members of the group are active in various anti-money laundering forums. These include forums led by the European Commission and the Financial Action Task Force.

Revised payment standards to combat money laundering

One of the most discussed topics in the fight against money laundering is cashless gaming. This is already taking place in different parts of the world. However, some jurisdictions, such as New South Wales in Australia, want to make it the default option.

Until cashless becomes popular, the International Gaming Standards Association (IGSA) has presented an alternative. The trade association has created the Payment Standards Committee which, according to a press release. The committee will be responsible for creating a “set of standards for online, mobile and other payments for all segments of the global gaming industry.”

The founding members of the committee are Aristocrat Gaming,, Playtech and Oregon Lottery. However, the IGSA also has among its members the UNLV International Gaming Institute, the International Association of Gaming Regulators and more, some of which are likely to join in the near future.

The group’s first mission will be to dissect all payment channels in use. This allows it to produce detailed information that it can share with law enforcement departments around the world. The goal is to help those departments understand how the gaming industry protects cash flow from fraud and unauthorized activity.

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