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Compliance Updates

EGBA Welcomes European Parliament’s Approval Of New EU Anti-Money Laundering Framework

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The EU’s new anti-money laundering package aims to create a more consistent regulatory framework and will benefit online gambling operators by standardising AML rules and reporting requirements across member states.

Brussels, 24 April 2024 – The European Parliament has approved the EU’s new anti-money laundering (AML) package at its plenary sitting today, marking a significant milestone towards a new EU framework for combatting financial crime. The European Gaming and Betting Association (EGBA), representing Europe’s leading online gambling operators, welcomes the Parliament’s approval of the new AML package and believes the incoming rule changes will strengthen the EU’s approach to tackling money laundering.

The new package will contain:

  • single rulebook regulation – with provisions on conducting due diligence on customers, transparency of beneficial owners and the use of crypto-assets.
  • The 6th Anti-Money Laundering Directive – containing national provisions on supervision and national AML authorities, as well as on the access of authorities to necessary and reliable information, e.g. beneficial ownership registers.
  • The establishment of the European Anti-Money Laundering Authority (AMLA) – which have supervisory and investigative powers to ensure compliance with AML requirements, operating in conjunction with national AML authorities.

EGBA believes the new rules will benefit Europe’s online gambling operators by ensuring a consistent regulatory approach across EU member states. Another important feature, under the competence of AMLA, will be the creation of a harmonised reporting format for Suspicious Transaction Reports (STRs). This will ensure that Europe’s online gambling operators encounter the same STR requirements across all EU member states, thereby setting clear and consistent expectations that will reduce administrative burdens and costs.

To assist online gambling operators in complying with the EU’s new AML rules, EGBA has developed industry-specific guidelines on anti-money laundering which apply a risk-based approach and include practical measures that operators can take – on customer and business risk assessments, customer due diligence processes, suspicious transaction reporting, and record keeping. EGBA members already apply the guidelines and submit annual reports to EGBA that summarise their progress in implementing its measures. The guidelines are also open to all operators based in the EU and EGBA encourages operators to sign up to them.

The AML package now awaits formal adoption by the Council of the EU, expected in May, before being published in the EU’s Official Journal.

“We welcome the European Parliament’s approval of the new anti-money laundering package. The new framework will set high standards and ensure greater consistency in the application of AML rules across the EU. Online gambling operators, especially those operating in multiple countries, will benefit from a single rulebook and harmonised reporting requirements that will unravel national complexities. We will look to review our industry guidelines on AML to ensure their alignment with the new EU rules. By signing up to the guidelines, operators can already prepare themselves for the incoming changes in the EU rules and join our members in their efforts to proactively and positively contribute to the EU’s fight against money laundering.” – Dr. Ekaterina Hartmann, Director of Legal and Regulatory Affairs, EGBA.

 

Source: EGBA

The post EGBA Welcomes European Parliament’s Approval Of New EU Anti-Money Laundering Framework appeared first on European Gaming Industry News.

Compliance Updates

Continent 8 achieves ISO 50001 certification, championing responsible energy management in its data centres

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Continent 8 is committed to efficient energy management, reducing energy consumption and ensuring sustainability across various facilities

Continent 8 Technologies, the leading provider of global managed hosting, connectivity, cloud and cybersecurity solutions to the iGaming and online sports betting industry, is pleased to announce its recent achievement of the International Organisation for Standardisation (ISO) 50001:2018 Energy Management Systems (EnMS) standard.

The ISO 50001 certification is an internationally recognised benchmark for energy management. As part of the ISO 50001 certification initiative, Continent 8 is committed to implementing both short- and long-term energy management strategies, identifying energy-saving opportunities and promoting environmental sustainability across its data centre operations. Continent 8’s commitments include:

  • Enhancing energy performance by optimising design and operations and investing in energy-efficient technologies.
  • Complying with all relevant energy laws, regulations and other operational requirements.
  • Exploring opportunities to increase the use of renewable energy sources, such as solar and wind power, to reduce reliance on fossil fuels.
  • Engaging employees in company-wide energy conservation initiatives.
  • Collaborating with customers, suppliers and the community to advance energy efficiency and environmental sustainability.

Michael Tobin, CEO and Founder of Continent 8 Technologies, stated: “For over 25 years, we have been dedicated to delivering best-in-class managed data centre services to our global customers. In recent years, we have equally prioritised sustainability and decarbonisation. We recognise the impact our data centres have on energy consumption and greenhouse gas emissions, and we are committed to reducing our carbon footprint.

“Achieving ISO 50001 certification is a significant step in our commitment to sustainability, and I’d like to congratulate all involved in this accomplishment. This certification ensures that our organisation is responsible for continuously enhancing our energy management system and implementing objectives and best practices for energy efficiency.”

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Compliance Updates

UKGC to Introduce New Rules to Increase Safety and Simplicity of Consumer Promotional Offers

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New rules increasing the safety and simplicity of consumer promotional offers are to be introduced by the UK Gambling Commission.

Gambling businesses will be banned from offering potentially harmful offers involving consumers having to carry out two or more types of gambling, such as betting and playing slots.

Operators will also be limited on the number of times bonus funds must be re-staked before the consumer can withdraw winnings from the bonus.

The changes follow a consultation and are consistent with the 2023 White Paper High stakes: gambling reform for the digital age.

Mixed product promotion ban

Mixed product promotional offers provide bonuses on the condition the consumer plays different products, such as betting and playing slots.

But evidence shows consumers are more at risk of harm when they gamble on multiple products rather than a single product. There is also the risk that mixed product promotions confuse consumers because of complex terms and conditions.

The ban is aimed at reducing harm and boosting fairness and openness.

Bonus wagering requirements limited to ten

Some promotional offers provide bonus funds to consumers on the condition the consumer re-stakes any winnings multiple times before being allowed to withdraw winnings from the bonus.

For example, a £10 bonus with a 50 times wagering requirement requires the consumer to play through £500 before the winnings can be withdrawn.

Such high wagering requirements could confuse consumers and lead them to gamble for longer, and faster, than they are used to.

Capping the wagering requirement to ten decreases the likelihood of harm, reduces complexity and improves transparency while maintaining consumer choice.

Rewording the rewards and bonus section of Licence Conditions and Codes of Practice (LCCP)

To ensure increased clarity of the Commission’s current expectations of operators it will alter the structure and wording of Social Responsibility Code 5.1.1 (Rewards and Bonuses).

All changes will come into force on 19 December 2025.

Tim Miller, Executive Director for Research and Policy, said: “These changes will better protect consumers from gambling harm and give consumers much better clarity on, and certainty of, offers before they decide to sign up.”

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4ThePlayer

4ThePlayer Games Secures Certification for the Brazilian Market!

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4ThePlayer has officially received game certification for the Brazilian iGaming market, reinforcing its commitment to regulated markets worldwide. This milestone enables the company to bring its acclaimed player-first gaming experiences to a brand-new audience.

Approved by Gaming Associates and eCogra, these certifications allow licensed operators in Brazil, to offer 4ThePlayer’s high-quality, player-centric games through their existing platform integrations with Relax Gaming and Yggdrasil.

Certified game titles include 4 Fantastic Fish, 4K Ultra Gold, and 5 Wild Buffalo as well as their innovative and unique table games 100 Bit Dice and 1000x Busta, all top-performing, player-favorite releases. Moving forward, all 4ThePlayer games will be certified for Brazil from day one.

Beyond its existing portfolio, 4ThePlayer is committed to delivering region-tailored content, leveraging its local team in Brazil to develop engaging, culturally relevant gaming experiences set to launch later this year. The first one of these titles is 4 Fantastic Fish Amazon Adventure, the latest in their player favourite 4 Fantastic series, coming via Yggdrasil in April.

Henry McLean, Co-Founder, Commercial & Marketing Director at 4ThePlayer, expressed his enthusiasm: “We are thrilled to bring our unique, player-centric games to Brazil, a market full of energy and potential. These game certifications are a major milestone, reinforcing our dedication to regulated markets and delivering best-in-class entertainment. We look forward to collaborating with operators and creating unforgettable gaming experiences for Brazilian players.”

With this certification, 4ThePlayer continues its mission of providing exceptional, player-focused gaming worldwide, ensuring its engaging and innovative titles reach new markets and audiences.

The post 4ThePlayer Games Secures Certification for the Brazilian Market! appeared first on Gaming and Gambling Industry in the Americas.

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