Greek money laundering is once again in the spotlight. Investigators identified over 200 individuals, including high-level civil servants, who pushed undeclared funds through gambling companies. The Independent Authority Against Money Laundering revealed that several officials even placed wagers of up to €1 million. Their declared income could not justify such spending, raising major concerns.
Furthermore, the Greek Reporter confirmed that at least 10 licensed operators are under scrutiny, as they may have helped facilitate the scheme.
How the Scheme Worked
To begin, players created betting accounts with licensed operators. Then, they visited affiliated shops like gas stations and convenience stores to deposit large amounts of cash. Afterward, the money appeared in those accounts as legal deposits. Finally, participants withdrew it as supposed “gambling winnings,” transferring the amounts directly into bank accounts.
Because the deposit shops never checked the source of funds, the money laundering cycle continued without interruption.
Gambling Industry and AML Rules
Greek gambling companies must follow strict Anti-Money Laundering rules. For instance, they need to flag and review any deposit or withdrawal above €2,000 to €10,000, depending on the case. In addition, all suspicious activity should be reported to the Hellenic Financial Intelligence Unit (HFIU).
Meanwhile, other countries face similar challenges. For example, in the UK, ProgressPlay was fined £1 million after failing to check customer funds. Likewise, the Turkish government announced restrictions on crypto exchanges to reduce money laundering.
As a result, regulators across Europe now call for even tougher casino monitoring procedures.
Importance for the iGaming Market
This investigation not only harms public trust but also intensifies the discussion on stricter gambling supervision. The UK Gambling Commission already highlighted the dangers of new casino products such as crash games. Because of their fast pace, these games create more opportunities for misuse.
For further insights on casino regulations and industry updates, readers can explore iGaming News.
Latest News
-
Entain CEO Warns Tax Rise Could Close Betting Shops
Table of Contents Entain CEO Warns of UK Gambling Tax Rise Impact The Risks of Higher Gambling Taxes Proposed Tax Changes and Industry Impact Latest News Entain CEO Warns of UK Gambling Tax Rise Impact Entain CEO Stella David warns that the UK gambling tax rise planned for the November budget could force the company to close betting shops across its 2,300 outlets and reduce investments in the UK. She explains that higher…Oct 06, 2025 Read More -
Sportech Board Boosted by Three Senior Appointments
Table of Contents Sportech Strengthens Board with Three Senior Appointments Board Appointment Details Leadership Reflects Strategic Focus Sportech Strengthens Board with Three Senior Appointments Sportech has expanded its Board of Directors by appointing Victor Bigio, Stephen Castagna, and Mike Burris to bolster its leadership team. These new directors bring valuable…Oct 06, 2025 Read More -
Codere Italia Launches New Online Platform to Boost Market Presence
Table of Contents Codere Italia Online Platform Launch Strengthens Market Position Expanding Through Omnichannel Experience and Innovation Compliance and Growth in Italy’s Regulated Market Most Visited & Essential Pages Latest News Codere Italia Online Platform Launch Strengthens Market Position Codere Italia has taken a major step by launching the Codere Italia online platform codere.it, marking its entry into Italy’s regulated digital…Oct 03, 2025 Read More
Top Casinos to Watch
-
Sign up bonus 100% up to €500 + 400 FS Here’s how to claim your Welcome Package: Deposit €20 or more, and we’ll instantly match your first deposit with a 100% non-sticky bonus up to €500 + 75 free spins on Donny Dough! Play first with your deposited cash. If you lose it, your bonus kicks in automatically. Once activated, complete the 40x wagering requirement to convert bonus funds into real, withdrawable cash. You’ll get 125 free spins additionally on your second deposit, and another 200 free spins on your third deposit. Good luck and enjoy!Join Now
-
Sign up bonus 100 FS – WAGER FREE MAKE YOU FIRST DEPOSIT 50$ OR MORE→ACTIVATE PROMO CODE “WELCOME” →RECEIVE 100 FREESPINS WITHOUT WAGER This offer is only available to new customers, who have registered and made their first real-money deposit on Jackbit; The Minimum deposit amount eligible for the Bonus is: 50 USD; After the deposit, you have 24 HOURS to activate the bonus and 24 HOURS to use it; To activate the bonus you should follow the following steps: My Account –> FreeSpin Promo -> Enter the FreeSpin code; FreeSpin Code: WELCOME; Game: Sky Lanterns (Make sure the game opens in your jurisdiction); The maximum winning that will be given as a result of free spins is 100 USD; You can only benefit from this bonus ONCE and ONLY upon your First Deposit; Free spins are WAGER FREE! Winnings from the free spins are directly credited to the real balance;Join Now
-
Sign up bonus 100% up to €1000 Opt in required through the cashier. This Welcome Offer is only available to new accounts at RANT. New players have 7 days to claim the Welcome Offer. The Welcome Offer can only be claimed once per player and machine being used for play at RANT. This offer is non-transferrable. The minimum qualifying deposit for the Welcome Offer is €20 or currency equivalent. The 100% Match Bonus will be credited into the player account instantly upon making a qualifying deposit and opting in through the Cashier. A wagering requirement of 35x the bonus + deposit must be met in order to unlock the bonus funds. Bonuses can be earned at the following rates: Slots – 100%, Blackjack, Roulette, Live Casino, Select Slot Games, All other Table Games – 0%. Any remaining bonus money from the Welcome Offer will be removed from a player account if a withdrawal is made during the time period. This offer is not available to players in Finland. Players have 30 days after claiming the bonus to earn their Welcome Offer bonus. After 30 days, any unearned bonuses will be removed from the player account. Standard bonus terms and conditions apply.Join Now
-
Sign up bonus 100% up to 1BTC/100€+ 180 FS he maximum winnings that will be paid out resulting from a bonus or free spins that you’ve gotten from us for free, without any deposit being required (e.g., the free spins upon registration, Weekly Free Spins Drops, Second Chance Spins, Friday Loyalty Bonus (exception VIP players who have specifically been set on a VIP Cashback Deal as part of their Friday Loyalty Bonus)) will be 100 EUR/USD/USDT, 150 CAD/AUD/NZD, 1,000 NOK, 0.181 BCH, 0.888 LTC, 0.022 ETH, 455 DOGE, 10,000 JPY 6,000 RUB or 0.00090 BTC. Any winnings exceeding this amount will be forfeited. Once the wagering requirements for a no-deposit bonus are met, any funds stemming from the bonus will remain subject to the maximum withdrawal limit outlined above. Any winnings exceeding this limit, including those obtained through additional play after meeting the bonus wagering requirements, will be forfeited.Join Now
