The European Gaming & Betting Association (EGBA) will develop new sector-specific guidelines to help online gambling companies comply with the European Union’s new anti-money laundering [AML] rulebook.

The directive follows the European Commission (EC) being granted approval to update the EU’s financial regulations, standards and safeguards set by the EU AML Directive.

Presenting its ‘most ambitious package of measures’ the EC has called for the creation of a centralised ‘EU Authority’ to combat money laundering and counter-terrorist financing (CTF).

The Commission’s actions follow recent concerns that some EU member states have neglected to implement and enforce EU AML Directive laws – which will require the EC to ‘close loopholes used by criminals to launder illicit proceeds or finance terrorist activities through the financial system’.