New German Anti-Money Laundering Act - impact on gambling operators
A new law against money laundering (AML Act or "Geldwäschegesetz" = GWG) came into force in Germany. The new law implements LMA LMA Fourth Directive to the German legislation. It has serious repercussions on active gaming companies in Germany.
study
The new AML law offers three major changes in gambling companies:
In detail
The extension of the scope of the law
The former AML Act applies to online casinos and brick and mortar casinos - if allowed in Germany. The scope of the new AML law extends in two ways:
However, there are notable exceptions. Some gambling services are exempt from the new AML because of their low money laundering risk. These services are not required to apply AML measures:
However, it requires online casino games and especially sports betting under the new AML law. This is regardless of whether they are allowed, tolerated or even without a license. In the case of sports betting, even without regard to the type of service - transaction or intermediation - and also regardless of location - on the Internet or in sports betting shops.
Revised AML measures
Newly liable obligors are facing a multitude of AML measures to abide by. First and foremost, they have to put into practice the "Know Your Customer" (KYC) procedures based on an identification record. For off-line gaming services, this applies from a threshold of 2,000 euros (capital gains or items). Online gambling services do not enjoy this privilege - they must identify their customers from the beginning. However, the new AML Act allows you to choose customer knowledge processes that fit the game rules. It is a relief for forced online game operators because they are allowed to join a diet alone. I know you already know the regulation of games of chance.
study
The new AML law offers three major changes in gambling companies:
- Extending the scope of online gambling for online gambling and licensing of matching gambling without a license
- The revised AML measures are detailed
- Extended catalog of administrative infractions with higher administrative fines (up to 1 million euros)
In detail
The extension of the scope of the law
The former AML Act applies to online casinos and brick and mortar casinos - if allowed in Germany. The scope of the new AML law extends in two ways:
- The scope of the new AML Act essentially includes all gaming sites - online and offline
- In addition, the legislator intends to apply the new AML law to all gaming companies in Germany - with or without a license
However, there are notable exceptions. Some gambling services are exempt from the new AML because of their low money laundering risk. These services are not required to apply AML measures:
- Slots in slots and pubs (but not in casinos)
- The horse racing associations Paris as a totalizing (but not paris offered by the bookmakers)
- Social lotteries and licensed state lotteries - this includes both online and off-line
However, it requires online casino games and especially sports betting under the new AML law. This is regardless of whether they are allowed, tolerated or even without a license. In the case of sports betting, even without regard to the type of service - transaction or intermediation - and also regardless of location - on the Internet or in sports betting shops.
Revised AML measures
Newly liable obligors are facing a multitude of AML measures to abide by. First and foremost, they have to put into practice the "Know Your Customer" (KYC) procedures based on an identification record. For off-line gaming services, this applies from a threshold of 2,000 euros (capital gains or items). Online gambling services do not enjoy this privilege - they must identify their customers from the beginning. However, the new AML Act allows you to choose customer knowledge processes that fit the game rules. It is a relief for forced online game operators because they are allowed to join a diet alone. I know you already know the regulation of games of chance.
Post a Comment