The Commission’s proposals follow concern and criticism in recent years that some EU member states have not sufficiently implemented and enforced the EU’s current AML rulebook.
While the proposed Regulations are primarily aimed at financial services, some of the horizontal changes proposed are also expected to affect Europe’s online gambling sector, including rules on beneficial ownership, customer due diligence and the establishment of a new EU AML authority.
The legislative package will now go through the EU legislative process and will be sent to the European Parliament and Council for discussion and ultimately approval, which might take upwards of 18 months. Once approved, the Regulations will immediately enter into force in all EU member states, the Directive will need to be transposed into national regulation by EU member states.
EGBA will analyse the future implications of the proposed changes for the AML compliance requirements of Europe’s online gambling sector. To ensure the best possible application of the EU’s AML rulebook, EGBA is preparing a set of sector-specific guidelines for Europe’s online gambling companies. The guidelines will be published later in 2021.
Ekaterina Hartmann, Director at EGBA said: “We welcome the efforts of the European Commission to continuously improve the EU framework for combatting money-laundering. EGBA members already apply the highest regulatory standards in AML compliance and are fully committed to tackling money laundering in the online gambling sector.”
“To support this, we are working closely with our members to develop EU-wide, sector-specific guidelines to help Europe’s online gambling companies comply with the increasingly complex AML rules in the EU,” Hartmann added.