The German casino news articles have recently highlighted the problem of monitoring payments on virtual casinos. The country’s public association connected with financial movements was the first to raise this question.
According to the association, which also carries out campaigns against financial crimes, the BaFin doesn’t take any significant actions to prevent payment companies from providing services to virtual casino. Despite all current regulations that remain in force in the country now, it doesn’t interfere with the operation of such companies, even when they break the law.
BaFin should be responsible, fulfilling his duties
The association insists that the Federal Financial Supervisory Authority has to adopt a more serious attitude to its functions. Payment solutions providers have already developed the feature allowing them to block transactions from international casinos. It means that the BaFin shouldn’t invent something new and can use ready-made services to fight against illegal gambling.
Michael Findeisen, the former Head of the Department of Money Laundering in the Federal Ministry of Finance, has noted that the BaFin follows Malta’s example by its inactivity. However, as the experience of this island shows, it isn’t the best model to use. Criminal organizations benefit from low gambling taxes and licensing prices in the country. It leads to many problems connected with financial crimes.