EU adopts new rules against money laundering
The European Gaming & Betting Association (EGBA) supports the EU's new measures to combat money laundering. According to the association, the new rules will help gambling operators by ensuring that rules for reporting suspicious activity and other regulations are consistent. This means more clarity and efficiency.
New EU laws ensure more transparency in the fight against money laundering. They grant media, NGOs and authorities free access to information about beneficial owners. This data is stored in national registers and networked at EU level. The registers now also contain data going back up to five years. In addition, the tax authorities will be given more powers to combat money laundering and terrorist financing. You can analyze, detect and suspend suspicious transactions.
The new laws also require banks and other financial service providers to report suspicious activity. From 2029, professional football clubs will also have to monitor transactions and report suspicious transactions. Stricter monitoring regulations apply to particularly wealthy people, and cash payments over 10.000 euros are banned across the EU.
A new authority to combat money laundering and terrorist financing will be launched Frankfurt furnished. It will directly monitor financial companies and intervene if regulators fail. The legislative package has been passed by Parliament and now needs to be formally adopted by the Council. This is the EU's response to calls for more transparency and cooperation in the fight against tax evasion and money laundering.
Money laundering in gambling
Money laundering in gambling or online gaming is a process in which illegally obtained funds are introduced into the legal financial circuit through gambling activities in order to conceal their origin. This is often done by placing large bets and then withdrawing funds to make it appear that the winnings come from legal gambling. This practice is used by criminals to “launder” their illegally acquired money and integrate it into the legal economic circuit, thereby concealing the origin of the funds and potentially profiting from them without being detected.
In the online casinos This typically occurs by placing large bets and then withdrawing funds in multiple transactions. This is intended to give the impression that the profits are from legal gambling come. The anonymity and lack of physical transactions in online casinos can make it easier for criminals to carry out money laundering as it is harder to detect and monitor suspicious activity. To combat money laundering, many online casinos have implemented strict policies and controls and work closely with regulators to identify and report suspicious transactions.
