The EU is preparing to launch harmonised AML rules for gambling operators via its new legislation regarding money laundering and terrorist financing.
For the first time in the history of EU law, the definition of gambling services will be unified across the EU as well as the definition of gambling operators as entities which are subject to AML laws.
According to the new regulation, gambling operators will have to carry out customer due diligence, supervise financial operations, and identify the risks of money laundering.
While the measures above have existed in other forms, this may be the first time when they will be codified at an EU level.
In contrast to earlier directives, the present regulation will be directly applicable in all EU countries, providing for a homogenous AML regime.
Nevertheless, this does not mean that a common regulation will be adopted by the EU. Each member state will be free to regulate which gambling products are allowed and what are the terms of licensing.
Legal expert Terence Cassar noted that the establishing of a common definition of gambling services and uniform of obligations can be the first step towards future of gambling legislation across Europe.
