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# Other Casinos #: Banking supervision remains inactive on online gambling

Topic created on 09th Jun. 2021 | Page: 1 of 1 | Answers: 4 | Views: 1,233
Anonym

Banking supervision remains inactive on online gambling

9th Jun. 2021, at 03:01 pm CEST#1
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Online gambling is to be liberalized with a new state treaty. But Bafin does not feel responsible for money laundering. The situation is reminiscent of the failures in the Wirecard case.

According to research by "Correctiv," the banking supervisory authority Bafin refuses to take a role in supervising the multi-billion dollar market for online gambling . The fight against money laundering is thus in danger of being lost in a tussle over responsibilities. The German states liberalize online gambling on July 1 with a new state treaty.

Banks must stop payments linked to illegal gambling. Nevertheless, there is a market worth billions of euros for online gambling in Germany, which is transacted via foreign countries. Via the Internet, players can access offers from foreign providers based mostly at Malta . This is illegal if these providers do not have a license in Germany.

In September 2020, representatives of Federal Ministry of Finance , the Financial Intelligence Unit (FIU) anti-money laundering unit and Bafin spoke about the supervision of online gambling. According to minutes available to "Correctiv," Bafin said "that stopping payments related to illicit gambling is not within Bafin's remit."

Bafin excuses banks - Green politician criticizes

It was the task of the gambling authorities in the federal states to determine which gambling was permitted and which was not. According to the minutes, Bafin apologized to the other authority representatives for the banks for whose supervision it is responsible. It was difficult for the banks to see whether payment flows were related to gambling, it said.

"This sounds entirely like a classic reflex on the part of Bafin to first dismiss responsibilities," says Lisa Paus (Greens), a member of the Bundestag. "Instead of putting itself protectively before the banks, the financial supervision should work on common solutions for this. If there is no danger of being exposed, illegal gambling will blithely continue."
When asked, Bafin reiterated that the federal states are responsible for prohibiting banks from engaging in illicit gambling. "As a federal authority, we respect the constitutional order of competences and the will of the legislator to assign the responsibility for the supervision of gambling providers to the gambling supervisory authorities located in the federal states within the framework of a federal division," it said in response to a question. Nevertheless, it said it was working to ensure that banks under its authority were not involved in illegal gambling. "We take this task very seriously."

Fight against money laundering against the law?

The federal states are formally responsible for gambling supervision. However, they are sloppy in fulfilling their duties in the fight against money laundering. Last year, for example, the Federal Court of Auditors wrote in a confidential report available to "Correctiv" that Germany was therefore violating its own legal foundations.

This is also due to the fact that the federal states perform their duties in money laundering supervision with little effort. In the past, they have already tried to get rid of supervision altogether to the federal government.

While the federal states liberalize online gambling in July, a supervisory authority planned for this purpose is probably not operational until 2023. The situation is reminiscent of the Wirecard scandal: in the triangle formed by banking regulator Bafin, the federal states as well as the FIU, no one felt sufficiently responsible for supervising the group.

"The federal government knows that the states will never be able to supervise, that's the drama," says money laundering expert Andreas Frank. "It's ultimately too expensive for the state to do supervision here."

Money laundering unit sees problems
The FIU is also struggling to combat money laundering in the gambling sector, according to "Correctiv" research. in 2019, the FIU received over 100,000 suspicious activity reports. Just 754 of these came from the gambling sector.

"It is also difficult for the FIU to decide which cases are illicit and which are still legally permissible," the agency admitted in the September 2020 conference call with the Finance Ministry and Bafin, according to the minutes.

When asked, the FIU said that it was "increasingly" recognizing trends in online gambling that required coordination among the authorities involved and that it had a special role to play in this regard. As part of a concerted action last year, it coordinated and supported the supervisory authorities of the German states in a review of gambling providers.

Sources used:


  • This text was produced in cooperation between t-online and the research center Correctiv. More about Correctiv at correctiv.org





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RebellYell
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Banking supervision remains inactive on online gambling

9th Jun. 2021, at 05:49 pm CEST#2
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I wanted to post that too. Surely interesting for many here

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Anonym

Banking supervision remains inactive on online gambling

9th Jun. 2021, at 07:22 pm CEST#3
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...yes, law or no law, it remains the same!

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gamble1
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Banking supervision remains inactive on online gambling

9th Jun. 2021, at 11:49 pm CEST#4
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Tomi559 wrote on 09.06.2021 at 19:22: ... yes, law or not, it remains the same!

If the one or the other casino recognizes it could still be quite interesting

I'll get some popcorn

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Anonym

Banking supervision remains inactive on online gambling

10th Jun. 2021, at 08:47 am CEST#5
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The German license will first be worth as much as a license from Curacao, that's a fact!

But the main thing at the beginning already of, everything else is Illegal speak, typical German politics....

VG Tomi559

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