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EU Introduces Stricter AML Rules for Crypto Firms

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Revamping Anti-Money Laundering Measures: EU Strengthens Oversight on Crypto Firms

In a significant move to bolster anti-money laundering (AML) measures, the European Union has approved a new framework that imposes stricter rules on companies operating within its jurisdiction. This framework, jointly agreed upon by the Council and Parliament, aims to enhance transparency and curb illicit financial activities, particularly within the cryptocurrency space.

Elevated Scrutiny for Crypto-Asset Service Providers

The cornerstone of these regulations is the requirement for enhanced due diligence for crypto-asset service providers (CASPs). CASPs will now be categorized as “obliged entities,” obligating them to conduct rigorous customer due diligence. This entails verifying customer information and promptly reporting any suspicious activity, reinforcing the know-your-customer (KYC) practices.

Under the new framework, CASPs will be required to apply this stringent due diligence for transactions exceeding €1,000. Additionally, the framework introduces measures to mitigate money laundering risks associated with transactions involving self-hosted wallets, addressing a critical vulnerability in the cryptocurrency ecosystem.

Empowering Financial Intelligence Units

The EU framework empowers each member state’s Financial Intelligence Unit (FIU) with enhanced authority. FIUs will gain “immediate and direct” access to a broad spectrum of financial, administrative, and law enforcement records. This includes access to tax data, records of funds frozen due to sanctions, and information related to fund and crypto transactions.

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Furthermore, FIUs will have the prerogative to suspend or withhold consent for transactions if they suspect any suspicious activities. This proactive approach to monitoring and regulating financial transactions will significantly bolster the EU’s ability to combat money laundering.

Additional Provisions and Stringent Oversight

The new regulations also extend to a broader scope of financial activities. They aim to ban any cash transactions exceeding €10,000, reinforcing the move towards a cashless society. Additionally, the framework introduces new transparency rules regarding beneficial ownership, compelling entities to disclose the individuals who control assets under different names.

Next Steps and Industry Preparedness

The finalized wording of the framework will be presented to the representatives of EU member states for approval. Upon receiving approval, the Council for Europe and Parliament will formally adopt the texts before their publication in the EU’s Official Journal.

These regulations have been met with anticipation and preparation by the cryptocurrency industry. In 2022, the European Gaming & Betting Association (EGBA) proactively created guidelines to assist gambling businesses in navigating the evolving AML landscape.

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As financial crime tactics become more sophisticated, these new AML guidelines demonstrate the commitment of entities like EGBA to ensure that Europe’s online gambling sector plays an active role in combating financial crime. These guidelines provide valuable tools to help operators uphold the highest standards in AML compliance.

The EU’s reinforced AML framework signifies a determined effort to safeguard financial systems against illicit activities, setting a precedent for global AML standards in the crypto industry.

Jerome, a valuable addition to the Gamingo.News team, brings with him extensive journalistic experience in the iGaming sector. His interest in the industry was sparked during his college years when he participated in local poker tournaments, eventually leading to his exposure to the burgeoning world of online poker and casino rooms. Jerome now utilizes his accumulated knowledge to fuel his passion for journalism, providing the team with the latest online scoops.

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Dutch Regulator Intensifies Supervision in 2024 to Ensure Safe Gambling

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Dutch Regulator KSA’s 2024 Supervisory Agenda Targets Responsible Gambling

As a seasoned gambling professional, staying updated on regulatory agendas is crucial for navigating the ever-evolving landscape of the industry. The Dutch gambling regulator, Kansspelautoriteit (KSA), has unveiled its ambitious Supervisory Agenda for 2024, outlining strategic initiatives to reinforce responsible gambling practices and combat illicit operations. In this comprehensive guide, we delve into the key objectives set forth by the KSA, shedding light on the regulatory priorities shaping the Dutch gambling landscape in the coming year.

The KSA’s Supervisory Agenda for 2024 underscores its unwavering commitment to promoting responsible gambling and safeguarding consumer welfare. Central to its mission is the amplification of “Safe Play” measures, aimed at fostering a secure and transparent gambling environment for all stakeholders. With a renewed emphasis on regulatory oversight, the KSA aims to bolster its supervisory framework to address emerging challenges and uphold the integrity of the Dutch gambling market.

In its pursuit of regulatory excellence, the KSA will intensify its scrutiny of operators’ duty of care measures, emphasising the importance of proactive interventions to prevent problem gambling behaviours. By implementing a data-driven approach to risk-based monitoring, the regulator aims to identify and mitigate potential harm swiftly, ensuring that operators fulfil their obligations to prioritise player protection.

Furthermore, the KSA’s agenda for 2024 includes targeted measures to disrupt the supply chain for unlicensed online gambling. Recognising the proliferation of illicit operators, the regulator will employ investigative tactics to dismantle unauthorised gambling networks and hold perpetrators accountable. Through rigorous enforcement actions and collaboration with law enforcement agencies, the KSA seeks to root out illegal gambling activities and preserve the integrity of the licensed gambling sector.

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A key focal point of the KSA’s supervisory efforts will be the enforcement of advertising regulations, with a particular emphasis on safeguarding vulnerable demographics, including young people. In response to recent findings highlighting breaches in advertising standards, the regulator remains steadfast in its commitment to curbing irresponsible marketing practices and promoting socially responsible advertising within the gambling industry.

In a recent revelation, the KSA unveiled the results of its investigation into unlicensed gambling advertising, exposing widespread non-compliance among affiliate sites. Of the 33 gambling websites scrutinised, 14 were found to have flouted regulations, including targeting individuals who had self-excluded from gambling activities. Such violations underscore the urgency of the KSA’s enforcement efforts to curb illicit advertising practices and protect consumers from exploitative marketing tactics.

As the Dutch gambling landscape evolves, the KSA’s Supervisory Agenda for 2024 serves as a beacon of regulatory diligence and consumer protection. By prioritising responsible gambling initiatives and cracking down on illicit operators, the regulator reaffirms its commitment to fostering a safe, fair, and sustainable gambling environment for all. As industry professionals, it is imperative to align with the KSA’s vision and actively contribute to the advancement of responsible gambling practices in the Netherlands.

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