Following a two year process, the European Parliament has approved a new anti money laundering (AML) directive, which aims to strengthen EU member states framework on tax evasion and terrorist financing.
The AML directive will increase monitoring of digital transactions, making it accessible it easier for authorities to trace funds. Financial services institutions and online gambling operators will be made to follow specific reporting obligations with regards to suspicious transactions made by their customers.
The directive has been welcomed by Maarten Haijer, Secretary General of the European Betting and Gaming Association (EGBA), who stated that the association was pleased of the new ruling as all European based online gambling operators would have to adhere to a single directive on AML, instead of country by country policies.
“EGBA has actively engaged with the EU institutions to include online gambling in the new directive. It should ensure that EU online gambling providers now have one rather than 28 sets of AML rules to comply with to provide their services in the EU.”
“The risk-based assessment underpinning the directive will apply to all services, with the exception of land-based casinos where there can be larger sums of cash involved.” Commented Haijer
The new AML directive has been published on the Official Journal of EU, member states will now have two years to implement the directive into national law.