June 26 2017
On 26 June 2017 a new Anti-Money Laundering Act (AML Act or “Geldwäschegesetz” = GwG) entered into force in Germany. The new AML Act transposes the 4th AML Directive into German law. It has severe impacts on gambling companies that are active in Germany.
Overview
The new AML Act brings three important changes for gambling companies:
- Extension of the scope from online to offline gambling and from licensed to unlicensed gambling
- Revised AML measures in detail
- Extended catalogue of administrative offenses with higher administrative fines (up to 1 million Euro)