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EUROPEAN CASINO ASSOCIATION Grecaud Paul/Adobe


ECA


AML regulation in Europe faces a major change


Secretary General of the European Casino Association Hermann Pamminger shares some insights on how the European Union plans to address current AML/CFT challenges


P 30 DECEMBER 2020


utting aside the devastating effects of the coronavirus pandemic on the land-based casino sector in Europe and beyond, Anti-Money Laundering (AML) is another topic that keeps the sector busy. At the


beginning of November, the European Council issued a statement on a future plan concerning harmonising the EU rules on Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) via a directly applicable regulation. The Council suggests going from past AML


directives to an AML regulation. What does that mean? In the past, the EU has had AML directives and obliged entities in the European member states, which are currently working under the 5th AML directive. Technically, directives require EU countries to achieve a certain result, but leave them free to choose how to do so. EU countries must adopt measures to incorporate them into national law (transpose) to achieve the objectives, set by the directive. National authorities must communicate these measures to the European Commission. Directives open the room for interpretation and adaptation to the legal situation in one’s nation. If


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