Money laundering prevention
Money laundering prevention covers the obligations of betting providers to identify and report suspicious flows of money. The basis is the Money Laundering Act.
At a glance
What is money laundering prevention about?
Under the Money Laundering Act, betting providers are obliged to identify their users and check conspicuous transactions. This is intended to prevent illegally acquired money from being disguised through bets. The obligations apply online as well as at the bricks-and-mortar betting shop.
The guide Betting shop payout explains the wider context.
What does that mean for you?
In practice, you notice this above all through identification and through queries on larger amounts. Providers have to be able to trace the origin and use of funds. That is normal, required by law and no disadvantage for honest users.
Money laundering prevention at the betting shop
The rules apply on site too. For higher cash amounts, the staff can request an ID and document the transaction. Specific thresholds depend on the provider and on legal requirements. If in doubt, have your ID ready so that deposits and payouts proceed quickly.
Also known as: Money Laundering Act, GwG
Find a betting shop near you
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Sources: Money Laundering Act (GwG)
Frequently asked questions about Money laundering prevention
What is money laundering prevention?
Money laundering prevention covers the obligations of betting providers to identify and report suspicious flows of money. The basis is the Money Laundering Act. Providers have to identify their users and check conspicuous transactions.
Why does the betting shop ask about larger amounts?
Questions about larger amounts are part of statutory money laundering prevention. Providers have to check and document conspicuous flows of money. For honest bettors, this creates no disadvantage.
Where does the Money Laundering Act apply?
The obligations apply to authorised providers online as well as at the bricks-and-mortar betting shop. Identifying users is a central part of this.
