The gambling industry is working towards a secure and reliable financial circulation. Casino operators need to avoid questionable financial transactions to retain their clients.
Many casinos rely on financial processing companies for their payment options.
These firms are essential in the operation of the casinos.
Wirecard, a payment firm, aims to become the central hub for Germany’s regulated gambling industry. Reports circulated that the company is lobbying to reach its goal.
It was reported that the financial sector contributed mainly to the massive bulk of suspicious transactions, while the non-financial sector rallied 150 percent from 2018 to 2019. The increase in gaming transactions followed the rise in the number of gaming operators licensed under the FIU, increasing from 45 in 2018 to 300 in 2019.
Regulators suspect Wirecard activity
Christof Schulte, chief of FIU, believed that the non-financial sector’s reported transactions are sufficient. The regulating body assured that they would further sensitize operators in the gambling sector with their obligations.
Capital, a German media outlet, revealed that the payments firm is lobbying to become Germany’s central payment processing hub for online gambling. The company was in the spotlight in June after reporting $2 billion worth of assets that didn’t exist. The company made its move as Germany regulates the online gambling industry on July 1, next year.
Sixteen states in Germany agreed on a new federal gambling treaty two years ago. Reports claimed that Wirecard’s CFO, Burkhard Ley, met with officials of the state on many occasions to offer the companies services.
The company aims to channel and to centralize the financial flow of Germany’s online gambling industry. The CFO was arrested in July this year because of his involvement in the company’s questionable transactions.
German Association For Telecommunications and Media (DVTM) reportedly supports WireCard
Reports circulated that the company’s proposal gained support from the German Association for Telecommunications and Media. DVTM established a division in 2015, and its members included known online gambling operators.
Germany is still asking for the approval of the European Commission for the implementation of its federal treaty. Wirecard is one of the companies processing finances of internationally licensed online casinos operating in Germany during the period that the country is restricting the operations of online casinos.
Germany’s bid for approval of the federal treaty suffered delay at the European commission when representatives from Malta voiced their objections.
The final ruling on the treaty is scheduled on August 18, but the representatives’ objections are expected to delay the process.
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