August 24, 2016
EU Turns Regulatory Eye toward Online Gambling
Dec. 7, 2015
Twenty of the 28 European Economic Zone countries have signed an agreement that will take a top-to-bottom look at online gambling regulation in the EU, including how gambling Websites handle payment and security. While the EU acknowledged the primacy of national laws regarding gambling, in cross-border situations, it said cooperation is necessary to combat certain problems. The EU in a statement said the 7 million citizens of the Eurozone who gamble online are “vulnerable to financial and identity fraud, or privacy breaches,” and that “gambling service providers can also be exploited for unlawful ends” including money laundering.
Under the agreement, regulators from EU countries will evaluate how to best share information between countries regarding payment and verification and how to best share technical expertise. The pact also covers how to best supervise and coordinate compliance with various national laws preventing money laundering and fraud and protecting consumers.