What is the (Guidelines on fighting money laundering and terrorist financing for the European online gambling sector)? : The European Gaming & Betting Association Guidelines on fighting money laundering and terrorist financing for the European online gambling sector is a set of guidelines that look to fill the existing gap regarding the absence of sufficient guidance on fighting money laundering for the online gambling industry by examining sector-specific issues, to assist in fighting money laundering more efficiently in the European Union and the European Economic Areas (EEA).
Why was it created and by whom? : These Guidelines were created by the European Gaming & Betting Association, a Brussels-based trade association representing the leading online gambling operators established, licensed, and regulated within the European Union. The European Gaming & Betting Association (EGBA) underlines the importance of the proper implementation of Anti-Money Laundering obligations by setting minimum common standards while providing operators with harmonized guidance to attain uniformity in the application, and minimum level of Anti-Money Laundering (AML) and Counter Terrorist Funding (CTF) compliance obligations.
Who is it for? : These guidelines were created for the online gambling industry within the European Union and European Economic Areas.
What does it cover? : These Guidelines cover only B2C operations of gambling operators and only with customers that are individuals. The guidelines provide guidance on The Risk-Based Approach, Business Risk Assessment (BRA), Customer Risk Assessment (CRA), Customer Due Diligence (CDD), Steps in the CDD process: Identification, Verification, Enhanced Due Diligence, Ongoing Due Diligence, Relationship with safer gambling and sports integrity, Lack of cooperation during CDD, Suspicious Transaction Reporting (STR), Record-keeping requirements, Outsourcing and third-party reliance, Training and Monitoring and implementation of the Guidelines.
What is the process to achieve (Guidelines on fighting money laundering and terrorist financing for the European online gambling sector) : Through complying with the outlined guidelines, although any national, European, or supranational laws on Anti-Money laundering and risk assessments take precedence over these guidelines if a conflict of interpretation arises.
Why is it useful? : These guidelines are useful as they look to provide operators with harmonized guidance to attain uniformity in the application, and minimum level of Anti-Money Laundering (AML) and Counter Terrorist Funding (CTF) compliance obligations.
Information Sources used : https://www.egba.eu/uploads/2023/03/230306-EGBA-Guidelines-on-AML-for-Online-Gambling-FINAL.pdf