/ anti money laundering / How the 4th AML Directive impacts gambling operators in Germany

How the 4th AML Directive impacts gambling operators in Germany

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The financial committee of the Federal Parliament agreed on amendments to the new German Anti Money Laundering (AML) Act that will bring important changes for gambling operators.

This is an interesting snapshot from my German colleagues Michael Stulz-Herrnstadt and Christoph Engelmann that was initially published on All-in blog.

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The scope of the new German AML Act will be extended from online gambling to also offline gambling operators. Also, there are some gambling products (e.g. social lotteries, slot machines) that might benefit from new exceptions because of their low money laundering risk. Other gambling operators (e.g. sports betting shops) might be faced with new challenges like restrictions in payment methods and new administrative offences with administrative fines of up to € 1 million.

To implement the 4th AML directive the new law has to enter into force by 26 June 2017. The Federal Parliament approved the changes that once approved by the Federal Assembly will be adopted. We will keep you updated on the developments.

WRITTEN BY GIULIO CORAGGIO

IT, gaming, privacy and commercial lawyer at the leading law firm DLA Piper. You can contact me via email at giulio.coraggio@gmail.com or giulio.coraggio@dlapiper.com or via phone at +39 334 688 1147.

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