EGBA Welcomes AMLA’s Establishment in Frankfurt to Bolster EU’s Anti-Money Laundering Efforts

This decision underscores a collaborative effort to bolster the effectiveness of anti-money laundering measures across the EU, with AMLA set to complement the existing national authorities.

AMLA’s Role and Impact

Scheduled to begin its operations in mid-2025, AMLA will be equipped with both direct and indirect supervisory capabilities, overseeing the EU’s major financial entities. Its authority to intervene in cross-border cases and the development of a uniform reporting template for Suspicious Transaction Reports (STRs) are anticipated to significantly harmonize and streamline AML procedures, benefiting various sectors, including the gambling industry.

In anticipation of the new EU AML regulations, EGBA has proactively established industry-specific guidelines to aid online gambling operators in adhering to EU AML rules. These guidelines advocate a risk-based approach and provide practical advice on various compliance aspects, facilitating operators’ alignment with the forthcoming EU AML Regulation.

Collaboration and Compliance: A Forward-Looking Approach

EGBA emphasizes the importance of ongoing dialogue and annual compliance reporting among its members to ensure the continuous effectiveness and relevance of the AML guidelines. By inviting other operators to adopt these guidelines and participate in the reporting process, EGBA aims to foster industry-wide adherence to high AML standards.

Dr. Ekaterina Hartmann, EGBA’s Director of Legal and Regulatory Affairs, highlights the strategic selection of Frankfurt for AMLA’s headquarters. “We welcome Frankfurt as the chosen seat of the new European Anti-Money Laundering Authority. Given the city’s position as the centre of European finance, it is a logical choice. We look forward to collaborating with AMLA to ensure the representation of the gambling sector’s voice in future EU-level AML discussions and help contribute positively to the fight against money laundering. The standardisation of STRs will really benefit gambling operators, particularly those who operate in many countries, because there are currently many different reporting formats across EU member states. By implementing our AML guidelines, operators can also already be well positioned for the EU’s incoming AML rules and play their part in raising standards across the industry.”

Our Comment on the Article

The establishment of AMLA and the proactive stance of EGBA signal a new era in the EU’s fight against money laundering. By fostering collaboration between regulatory bodies and industry stakeholders, these developments promise to enhance the effectiveness of AML measures and ensure a safer, more transparent gambling environment across Europe.