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The European Commission Presents New AML Rules

The European Commission has released a proposal for new regulations around counter-terrorism. These regulations also touch on anti-money laundering. The EGBA expressed its support for the new rules.

EGBA Shows Support for New EC Rules on CFT and AML

The European Commission recently presented a raft of proposals aimed at strengthening rules around counter-terrorism financing. The rules also seek to curb money laundering in the EU. But the operator had more in the package. This time proposing the formation of a separate body to combat money laundering activities in the EU. 

These proposals aim at safeguarding EU citizens when playing online. The EU also says the rules will protect the EU’s financial system against money laundering and terrorism financing. Part of the Commission’s plans includes improving its tracking abilities of suspicious activities. 

This includes closing loopholes exploited by criminals to conduct laundering criminal proceeds. It also plans on tightening the financial system to weed out financial terrorist activities. 

Technological innovations will be the key ally when setting up the new rules on top of the already existing framework. These new rules also come at a great time to align with the 2020 to 2025 Security Union Strategy by the EU. The Security Strategy looks to shield European citizens from terrorism and organized crime. 

The European Commission Presents New AML Rules

The EGBA Backs the New EU Rules

The European Gaming and Betting Association announced its support for the new rules as soon as the EC announced them. EGBA later stated its partnership with various regulatory bodies across the EU will continue. This is in addition to collaborating with EC in its fight against money laundering. 

Financial services are the central focus for the EC in the new regulations. But the EU gambling sector may experience further changes as per the rules. For instance, beneficial ownership and establishing a new AML authority are some of the areas the rules may affect. Conducting due diligence on customers is also part of what sectors are set to feel a few changes. 

EGBA stated it will scrutinize the changes proposed by the EC on AML touching on online gambling. The Association also added it will come up with guidelines specific to EU operators while also ensuring adherence to the proposed AML regulations.

Still a Long Way to go to Implement the New Rules

Ekaterina Hartmann acknowledged the EC’s efforts when it comes to improving the anti-money laundering framework. She added to this saying EGBA members are already implementing the highest possible regulatory standards in terms of AML adherence. 

Hartmann also stressed EGBA’s commitment to combating money laundering experienced in the online gambling industry. Ekaterina Hartmann is the director at EGBA. 

But the implementation of these rules will take a while. The proposed rules head to the EPC (European Parliament and Council). Approval after in-depth discussions may take a maximum of 18 months. All EU members will adopt the updated rules with immediate effect after their approval. 

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Nerijus Grenda
Nerijus Grenda
Published: 05 Aug 2021
Updated: 13 Mar 2023
Nerijus Grenda is a prolific contributor to the GoodLuckMate site. With a deep understanding of the online casino industry, gained from his own experience as an avid player, he offers valuable insights on what sets the best casinos apart from the rest. As a writer, Nerijus shares his expertise through expert analysis and thoughtful commentary on various topics related to online gambling, including casino reviews, game guides and industry trends.

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