New Anti-Money Laundering Procedures for EU

New Anti-Money Laundering Procedures for EU The European Parliament has approved new anti-money laundering procedures for EU member states and has been accepted by the European Gaming and Betting Association.

Maarten Haijer, secretary general of EGBA said, “It should ensure that EU online gambling providers now have 1 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 money involved.

"Thanks to the perfect traceability of transactions and the already existing identification tools used by online gambling operators, EGBA is confident that the directive will further add to the safe provision of EU regulated online gambling services.”

He also added that member states will have two years to alter their local legislation.
  • Money laundering is probably still done at brick and mortar casinos more than at online casinos. All online transactions are recorded in precise and meticulous detail. Whereas at the brick and mortar places hundreds and thousands of euro can just change hands without any records being made. Especially in the EU where making records for tax purposes is less likely as all winnings are tax free.
  • I am A us a bass player and most of the gambling regulations I read are put in place to stop terrorism but I think that's just what they tell us. In my experience measures are put into place because that person wants to make the money instead of the person who's making the money now. Why the government wants their share of course.
  • I think this new measures will be for good of everybody involved in the online gambling business. This business is fast growing and changing and it's not easy for the politicians to take the needed measures. In the long term It' not clear yet how this going to reflect the online gambling business but for now seems to be a right decision.
  • It sound like they have a handle on this illegal/money laundering business. And to have cut it down from 28 sets of AML rules to comply with to one, I think that is well, amazing. Plus, they don't have to jump through hoops to comply. If needed member states have two years as a cushion. I am for all objectives to making online gambling safe for everyone involved, not just the players. By the time the US gets around to what the rest of the world is doing, well, it will be a cake walk setting up online gambling regulations. Or else, I may have to move for a while...................

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