The European Gaming and Betting Association has welcomed the finalisation of the European Union’s new anti-money laundering framework, as the organisation believes the standardised rules and reporting requirements will benefit online gambling operators.
Approved by the European Parliament in April and by the European Council earlier this week, the final step of the EU legislative process, the AML package includes the establishment of the European Anti-Money Laundering Authority, the sixth AML Directive and a new AML regulation.
Based in Frankfurt, the AMLA will have “direct and indirect supervisory powers to ensure compliance with AML requirements, working in tandem with national AML authorities” and will also be “responsible for a large amount of technical and implementing rules that will directly apply to the online gambling sector”.
The sixth AML Directive will contain “national provisions on supervision and the powers of national AML authorities, including their access to requis..