quora
Read More about fast-id page

Shufti globally launches webinr-icon - a new kind of identity solution!

Shufti globally launches - a new kind of identity solution!

Read more

EGBA Introduces New Guidelines to Prevent Money Laundering in Gaming Industry

n-img-egba

EGBA (European Gaming and Betting Association) has announced new guidelines to improve the anti-money laundering controls for the gaming industry.

The European Gaming and Betting Association (EGBA) is working hard to stop illicit money transfers in the industry. The association has recently announced new standards and guidelines, including its anti-money laundering leadership. It invited online gambling operators to implement new laws in their daily operations to help them comply with EU laws and regulations and avoid money laundering within their organisations. 

These standards are included in the first pan-European guidelines. This initiative from EGBA is a step ahead in Europe’s fight towards eradicating money laundering from the online gambling sector. 

Europe’s experts in AML compliance have analysed the guidelines and added revisions to make them easier to implement. The new rules propose the use of modern technologies in the process and everything is prescribed in accordance with the current law. EGBA is on a mission to improve the implementation of AML guidelines and encourage the organisation’s responsibility. 

The proposed guidelines cover all major aspects such as money laundering and terrorist financing. The advice is practical and each sector has its own customised rules. It will advise online gambling operators on how to evaluate the potential risks of both customers and businesses, also the CDD (Customer Due Diligence processes.  The operators will be informed by reporting any suspicious activity and transactions, maintaining all the necessary AML records and other potentially problematic activity that authorities need to be aware of. 

The guidelines will be applied on the whole EU territory and will soon be part of AML regulation that will help the operator deliver the best outcomes. EGBA expects annual reports from all the firms operating in the gaming industry to evaluate the performance of the new rules. 

Dr Ekaterina Hartmann, Director of Legal and Regulatory Affairs at EGBA, said: “As the sophistication of financial crime continues to evolve, the publication of these AML guidelines demonstrates EGBA’s commitment to ensure that Europe’s online gambling sector actively contributes towards the fight against financial crime. There’s currently a lack of sector-specific guidance to help Europe’s online gambling operators in their AML compliance efforts and these guidelines provide a valuable tool to fill this gap and help operators achieve the highest possible standards.”

Suggested Read:

GAMBLING COMMISSION FINES ENTAIN £17M FOR SOCIAL RESPONSIBILITY & ANTI-MONEY LAUNDERING FAILURES

Related Posts

News

UK Government Proposes New Cybersecurity Laws

The UK government proposed new laws for cybersecurity last week to increase security standards in...

UK Government Proposes New Cybersecurity Laws Explore More

News

US Federal Reserve Fines Deutsche Bank $186 Million for Anti-Money Laundering Failures

The Federal Reserve announced on July 20th that it had fined Deutsche Bank (DBKGn.DE) and some of...

US Federal Reserve Fines Deutsche Bank $186 Million for Anti-Money Laundering Failures Explore More

News

Lawmakers Approve Enablers Act Bill to Expand AML Reporting Requirements

A group of lawmakers have approved the revision of America’s money laundering laws after 20 years...

Lawmakers Approve Enablers Act Bill to Expand AML Reporting Requirements Explore More

News

Australia introduces new rules to tackle mobile identity theft

Acma (Australian Communications and Media Authority) has introduced a new regulation to fight ide...

Australia introduces new rules to tackle mobile identity theft Explore More

News

FCA Advises Firms to Embed Data and Technology to Combat Financial Crimes

Sarah Pritchard, the FCA executive director of markets, spoke at the Financial Crime Summit in Lo...

FCA Advises Firms to Embed Data and Technology to Combat Financial Crimes Explore More

News

US government favours a hands-off approach to AI’s regulation

The white house listed 10 principles that federal agencies should consider when drafting laws and...

US government favours a hands-off approach to AI’s regulation Explore More

News

Fake Zoom Invite Collapsed Australian Hedge Fund with a CyberAttack

A fake zoom invite has taken out $8.7 million in fraudulent invoices by the trustee and administr...

Fake Zoom Invite Collapsed Australian Hedge Fund with a CyberAttack Explore More

News

Hong Kong Legislators Invite Coinbase to the Region Despite SEC Concerns

Coinbase and other crypto exchanges have been invited to establish operations in Hong Kong; the r...

Hong Kong Legislators Invite Coinbase to the Region Despite SEC Concerns Explore More

News

FinCEN Extends the Comment Period of Virtual Currency Regulations

FinCEN– Financial Crimes Enforcement has finally agreed to reopen the comment period of reg...

FinCEN Extends the Comment Period of Virtual Currency Regulations Explore More

News

Property Brokers in New Zealand Given Official Warning over AML/CFT Compliance

An eighty-branch real estate agency in New Zealand, Property Brokers, has received their first fo...

Property Brokers in New Zealand Given Official Warning over AML/CFT Compliance Explore More

News

RICS Urges Firms to Adopt ‘Extremely Careful’ Due Diligence Measures

The RICS has issued a statement for its members urging them to adopt ‘extremely careful’ measures...

RICS Urges Firms to Adopt ‘Extremely Careful’ Due Diligence Measures Explore More

News

CFTC Charges South African Pool Operator for BTC Fraud Worth $1.7 Billion

CTFC charges a South African pool operator Steynberg for the largest fraud case in the region inv...

CFTC Charges South African Pool Operator for BTC Fraud Worth $1.7 Billion Explore More

News

£23.8 Million Fined to MT Global for AML Non-Compliance

A Money Service Business (MSB) firm, MT Global, penalized by HM Revenue and Customs for breaching...

£23.8 Million Fined to MT Global for AML Non-Compliance Explore More

News

ICO Warns Public Bodies Over Failure to Respond FOI Requests

ICO warned public bodies regarding Freedom of Information (FOI) requests failure. Different depar...

ICO Warns Public Bodies Over Failure to Respond FOI Requests Explore More

News

CAMLMAC and UAE Financial Intelligence Unit Join Hands to Fight FinCrime

UAE and China have signed an MoU on August 03, 2021 to combat money laundering and terror financi...

CAMLMAC and UAE Financial Intelligence Unit Join Hands to Fight FinCrime Explore More

News

South Africa Gets the Green Signal for New AML/CTF Laws

South Africa has finally gotten a green signal for new finance laws to address shortcomings ident...

South Africa Gets the Green Signal for New AML/CTF Laws Explore More

News

Ransomeware gang demands $42M or it releases Trumps ‘Dirty Laundry’

A ransomware gang stole about 1TB of legal secrets from the most important names in the entertain...

Ransomeware gang demands $42M or it releases Trumps ‘Dirty Laundry’ Explore More

News

FATF issued guidance on risk-based AML/CFT policies

The Financial Action Task Force has issued finalised supervision on adopting a risk-based strateg...

FATF issued guidance on risk-based AML/CFT policies Explore More

News

Cambodia and Thailand Police Forces Unite Against Money Laundering and Terrorist Financing

The Cambodian and Thailand National Police officers partner to bolster their strength against mon...

Cambodia and Thailand Police Forces Unite Against Money Laundering and Terrorist Financing Explore More

News

UK Approves New Age Verification Laws to Protect Children

The UK government approved the “Online Safety Bill,” which contains measures to protect children ...

UK Approves New Age Verification Laws to Protect Children Explore More

News

Singapore replaces passwords and ID documents with facial recognition systems

As reported by Strait Times, Singapore plans to replace passwords and identity documents with bio...

Singapore replaces passwords and ID documents with facial recognition systems Explore More

News

Increasing Financial Crimes Call to Establish a European Center of Excellence For AML Compliance

EU financial and anti-financial crime regulations are more complicated than before and they reinf...

Increasing Financial Crimes Call to Establish a European Center of Excellence For AML Compliance Explore More

News

ASIC Expands its Team to Enhance Cryptocurrency Regulations

Australia’s financial regulator has enhanced the size of its crypto team. The crypto regula...

ASIC Expands its Team to Enhance Cryptocurrency Regulations Explore More

News

Fiat is the Top Choice of Currency for Financial Criminals, Says US Treasury

The US Treasury Department has released a three-year report on money laundering and terrorist fin...

Fiat is the Top Choice of Currency for Financial Criminals, Says US Treasury Explore More

News

Amendments in Thailand’s Money Laundering Act to Include New Offenses

A proposed amendment in Thailand’s Money Laundering Act was approved by the cabinet to include ad...

Amendments in Thailand’s Money Laundering Act to Include New Offenses Explore More

News

EMI Flagged Nearly 40% of UK’s E-Money Exchanges for Money Laundering Risk

A report from Transparency International revealed that nearly 40% of the UK’s e-payment companies...

EMI Flagged Nearly 40% of UK’s E-Money Exchanges for Money Laundering Risk Explore More

News

US Department Of Justice Announces Enforcement Actions to Regulate Cryptocurrency

The US Department of Justice (DOJ) announced several enforcement actions against cryptocurrency a...

US Department Of Justice Announces Enforcement Actions to Regulate Cryptocurrency Explore More

News

Digital Payment Providers Collaborate with UBA to Combat Scams in the Financial Sector

The National Payment Systems Services Association has collaborated with Uganda Bankers Associatio...

Digital Payment Providers Collaborate with UBA to Combat Scams in the Financial Sector Explore More

News

Switzerland Introduces New Regulations To Clamp Down on Money Laundering

Switzerland proposed new Anti-Money Laundering (AML) regulations to crack down on money launderin...

Switzerland Introduces New Regulations To Clamp Down on Money Laundering Explore More

News

UK to End “Golden Visa” Regime to Tackle Money Laundering

The UK is looking to scrap its so-called “Golden Visa” regime in a short period as Russian action...

UK to End “Golden Visa” Regime to Tackle Money Laundering Explore More

News

FinCEN Proposes Extension in Suspicious Activity Reporting Rules

The US Financial Crimes Enforcement Network (FinCEN) issued a Notice of Proposed Rulemaking (NPRM...

FinCEN Proposes Extension in Suspicious Activity Reporting Rules Explore More

News

Georgia Ramps Up AML Measures to Combat Financial Crime

A new report released by the Council of Europe’s AML body has highlighted Georgia’s progress in c...

Georgia Ramps Up AML Measures to Combat Financial Crime Explore More

News

Palm Beach Art Dealer Charged With Money Laundering Through Fake Art

South Florida federal court received a complaint accusing art dealer Daniel Elie Bouaziz of wire ...

Palm Beach Art Dealer Charged With Money Laundering Through Fake Art Explore More

News

Beware: Vaccine-phishing scams have risen by 500 percent

Vaccine-phishing scams have increased by 530 per cent, as stated by a new study by Unit 42, the P...

Beware: Vaccine-phishing scams have risen by 500 percent Explore More

News

China Introduces 5-Point Strategy to Enforce Crypto AML Measures

China’s newly appointed governor of the Central Bank emphasised the AML regulations to safeguard ...

China Introduces 5-Point Strategy to Enforce Crypto AML Measures Explore More

News

US Treasury Department Discloses Latest Beneficial Ownership Information (BOI) Guide

The Money Laundering Bureau of the US Treasury Department issued the latest guide to assist small...

US Treasury Department Discloses Latest Beneficial Ownership Information (BOI) Guide Explore More

News

US Regulators to Sharpen AML Expectations For Crypto Sector

The US regulators are increasing the AML compliance expectations within the crypto sector to ensu...

US Regulators to Sharpen AML Expectations For Crypto Sector Explore More

News

SEC Move Ahead with Regulation of Virtual Assets Service Providers (VASPs)

Ghana’s Security Exchange Commission (SEC) has begun endorsing plans to regulate the crypto indus...

SEC Move Ahead with Regulation of Virtual Assets Service Providers (VASPs) Explore More

News

PSR Orders UK Banks to Reimburse Customers Tricked by Payment Fraud

PSR has advised UK banks to compensate customers who have been the victims by APP (authorized pus...

PSR Orders UK Banks to Reimburse Customers Tricked by Payment Fraud Explore More

News

Turkish President Announces New Crypto Bill to Legalize Virtual Assets

Turkey’s Parliament to announce the cryptocurrency bill in the coming weeks. Legal framework will...

Turkish President Announces New Crypto Bill to Legalize Virtual Assets Explore More

News

The UK’s Financial Services Minister States Banks Should Not Close Accounts Based on Political Views of Their Customers

The financial services minister, Andrew Griffith, commented on July 4th that banks should be requ...

The UK’s Financial Services Minister States Banks Should Not Close Accounts Based on Political Views of Their Customers Explore More

News

Europol Warns Trade-Based Money Laundering Poses Substantial Threat to Financial Institutions

Financial institutions faced trade-based money laundering as a new threat since the digitalisatio...

Europol Warns Trade-Based Money Laundering Poses Substantial Threat to Financial Institutions Explore More

News

ICAEW Calls for Professional Scepticism to Mitigate Money Laundering in UAE

The Institute of Chartered Accountants in England and Wales (ICAEW) and the UAE’s Accountants &am...

ICAEW Calls for Professional Scepticism to Mitigate Money Laundering in UAE Explore More

News

Nigeria, Myanmar, and Türkiye Take Effective Steps to Meet FATF Recommendations

Myanmar, Nigeria, and Türkiye are implementing effective measures to level up anti-money launderi...

Nigeria, Myanmar, and  Türkiye Take Effective Steps to Meet FATF Recommendations Explore More

News

eCommerce Lost £16 Million in Frauds During Lockdown

The UK’s national reporting centre for fraud and cybercrime has revealed new figures which show £...

eCommerce Lost £16 Million in Frauds During Lockdown Explore More

News

FATF warns Turkey over Lapses in Money Laundering and Terror Financing

Turkey has been warned by Financial Action Taskforce (FATF) because of its ‘serious shortcomings’...

FATF warns Turkey over Lapses in Money Laundering and Terror Financing Explore More

News

DHS 19.5 Million Fine Imposed on UAE Banks for AML Failings

The Central Bank has imposed Dhs 19.5 million fine on UAE’s banks for shortcomings in the AML fra...

DHS 19.5 Million Fine Imposed on UAE Banks for AML Failings Explore More

News

SEC Enforces Srilankan Compliance Officers To Conduct Adequate AML Measures

The Security Exchange Commission of Sri Lanka (SECS) and Colombo Stock Exchange (CSE) recently ar...

SEC Enforces Srilankan Compliance Officers To Conduct Adequate AML Measures Explore More

News

South Africa Earmarked R265 Million to Get Off FATF’s Greylist

Finance Minister Enoch Godongwana announced on Tuesday that allocating R265 Million is one of sev...

South Africa Earmarked R265 Million to Get Off FATF’s Greylist Explore More

News

Oklahoma Takes Strict Legislative Measures to Prevent Child Identity Theft

The Senate of Oklahoma has approved a bill to take strict measures against those involved in the ...

Oklahoma Takes Strict Legislative Measures to Prevent Child Identity Theft Explore More

News

Guyana Joins Sister Caribbean Countries to Stop Money Laundering

“Guyana has joined the Caribbean network to counter money laundering and introduced a global fina...

Guyana Joins Sister Caribbean Countries to Stop Money Laundering Explore More

News

Nigeria’s EFCC Devoted to Combating Money Laundering in Real Estate Sector

The Economic and Financial Crimes Commission chairman says that the agency is committed to fighti...

Nigeria’s EFCC Devoted to Combating Money Laundering in Real Estate Sector Explore More

News

SEC Ramps Up Efforts to Tackle Identity Theft in the Captial Market

The Securities and Exchange Commission (SEC) has noted that the Identity Management System will d...

SEC Ramps Up Efforts to Tackle Identity Theft in the Captial Market Explore More

News

Latvian State Police Bust a Major Money Laundering Ring

Latvian State Police has identified and busted a huge criminal gang involved in money laundering....

Latvian State Police Bust a Major Money Laundering Ring Explore More

News

China’s digital yuan to be tested by 19 firms including McDonald’s and Starbucks

Starbucks and McDonald’s are among 19 businesses that will test China’s new digital c...

China’s digital yuan to be tested by 19 firms including McDonald’s and Starbucks Explore More

News

AUD 10 Billion Money Laundering Ring Caught in Australia, Further Highlighting the Country’s AML Failures

AUD 10 billion ($6.5 billion) in global money laundering was allegedly uncovered in Sydney by the...

AUD 10 Billion Money Laundering Ring Caught in Australia, Further Highlighting the Country’s AML Failures Explore More

News

Barclays Prohibits UK Clients from Sending Debit and Credit Payments to Binance

Barclays has stopped UK customers from transferring funds to Binance after the Financial Conduct ...

Barclays Prohibits UK Clients from Sending Debit and Credit Payments to Binance Explore More

News

US DOJ Arrests Two in Alleged NFT Money Laundering, Rug Pull Scheme

The US Department of Justice has arrested two in a $1.1 million non-fungible token fraud and mone...

US DOJ Arrests Two in Alleged NFT Money Laundering, Rug Pull Scheme Explore More

News

EU Warns About the Impact of COVID-19 on Non-Regulated Crypto Investments

European Union’s financial regulatory agency, the European Securities and Markets Authority (ESMA...

EU Warns About the Impact of COVID-19 on Non-Regulated Crypto Investments Explore More

News

Macau Police Arrests Cross-border Money Laundering Group for Illicit Financing of HK1.1 Billion

A group of 22 individuals were arrested by authorities in Macau and HK for suspicions of being in...

Macau Police Arrests Cross-border Money Laundering Group for Illicit Financing of HK1.1 Billion Explore More

News

France to Implement Stringent Regulations on Cryptocurrency

France is planning on regulations that abolish the anonymity in cryptocurrency. Financial authori...

France to Implement Stringent Regulations on Cryptocurrency Explore More

News

FATF Criticized Cash-Rich Germany Over Money Laundering Concerns

FATF dealt a blow to Germany’s reputation, which considered itself high regarding its reput...

FATF Criticized Cash-Rich Germany Over Money Laundering Concerns Explore More

News

SEC Updates Regulatory Disclosures for Chinese Issuers Amid Crackdown

Chinese businesses, as per a ruling by the SEC, are directed to present additional disclosures re...

SEC Updates Regulatory Disclosures for Chinese Issuers Amid Crackdown Explore More

News

Kenya’s High Court Freezes Sh15 Billion Over Suspected Crime and Money Laundering

The High Court of Kenya has frozen more than Sh15 billion over suspected proceeds of Money Launde...

Kenya’s High Court Freezes Sh15 Billion Over Suspected Crime and Money Laundering Explore More

News

North Korean Hackers Attempt to Launder ETH Worth $27M from Harmony Bridge Attack

North Korean hackers behind the Harmony Bridge attack continue to attempt to launder crypto funds...

North Korean Hackers Attempt to Launder ETH Worth $27M from Harmony Bridge Attack Explore More

News

ICAIE Issues Report on Trade-Based Money Laundering in Free Trade Zones, Ports, & Safe Havens

The ICAIE released a new report called “The Dark Side of Illicit Economies and TBML: Free T...

ICAIE Issues Report on Trade-Based Money Laundering in Free Trade Zones, Ports, & Safe Havens Explore More

News

Internet fraud complaints went up by 30% last year

As per Economic Affairs Minister Nathalie Muylle, Belgium’s Economic Inspection Unit received 29%...

Internet fraud complaints went up by 30% last year Explore More

News

Illicit Betting Report by the UK’s Gambling Industry Misguided the Regulators

UK’s Gambling Firms are being accused of exaggerating the numbers on the black market betting rep...

Illicit Betting Report by the UK’s Gambling Industry Misguided the Regulators Explore More

News

Adelaide Casino to Face Court Action Over AML/CTF Violations

AUSTRAC has revealed the beginning of civil penalty proceedings in the Federal Court against SkyC...

Adelaide Casino to Face Court Action Over AML/CTF Violations Explore More

News

FinCEN and Federal Reserve Board Reducing the Bar for International Transactions

The FinCEN and Federal Reserve Board are planning to reduce the threshold for international trans...

FinCEN and Federal Reserve Board Reducing the Bar for International Transactions Explore More

News

IMF Urges Philippines to Enhance AML Measures to be Removed from Grey List

The International Monetary Fund (IMF) stated that the Philippines government should adopt an enha...

IMF Urges Philippines to Enhance AML Measures to be Removed from Grey List Explore More

News

State Street Bank fined $1.24 million for breaching AML laws

The US-based State Street bank has been hit with million-dollar money laundering fine. The Austra...

State Street Bank fined $1.24 million for breaching AML laws Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started