Greece's AML Authority Discovers Potential Gambling Money Laundering Ring
The Hellenic Anti-Money Laundering (AML) Authority has uncovered what appears to be a large-scale money laundering scheme tied to Greece’s gambling sector. Early reports indicate the involvement of around 200 individuals, according to local media.
LISTEN TO THIS ARTICLE:Among those under investigation are ministry officials and senior civil servants, raising concerns over both regulatory oversight and potential corruption within public institutions. The findings have brought heightened scrutiny on licensed gambling operators, which authorities say may have facilitated the transactions either knowingly or unknowingly.
Related: Annual BSA/AM Financial Crime Gaming Conference Gets Underway TodayThe operation came to light after investigators noticed irregularities in how funds were being deposited and transferred through licensed gambling platforms. The scheme reportedly functioned through a system where customers opened accounts with gambling operators, receiving a unique personal code tied to their profile.
Instead of funding these accounts through standard banking methods, participants visited affiliate retail outlets such as gas stations, convenience stores, or mini markets, where they could hand over significant sums of cash. These deposits were then credited directly to their online gambling profiles.
The method allowed cash to bypass traditional banking channels, avoiding the traceability normally associated with wire transfers. Clerks at retail locations often did not request proof of funds, further enabling the concealment of the cash’s origins.
Once the money appeared in the gambling account, it was effectively legitimized. From there, the funds were transferred back into personal bank accounts, completing a cycle of laundering. Investigators noted that some individual deposits exceeded €1 million (US$1.18 million), a figure that stood in stark contrast to the declared income of certain account holders.
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Cross-referencing tax records with the deposits only deepened suspicions, as many individuals could not demonstrate legitimate sources for such large amounts of money. The inability to reconcile the deposits with lawful income prompted the AML Authority to widen the scope of its investigation.
This places a number of licensed gambling operators under review for failing to adequately enforce anti-money laundering controls. Reports suggest that at least 10 operators are being scrutinized for potential breaches of compliance obligations.
The probe is being overseen by Haralambos Vourliotis, the former Supreme Court Deputy Prosecutor who now heads the Hellenic Anti-Money Laundering Authority. His team is coordinating closely with the Hellenic Gaming Commission, the body charged with regulating the country’s gambling industry. Their joint efforts will focus on identifying weaknesses in monitoring practices and establishing whether operators acted negligently or were complicit in the scheme.
As the investigation unfolds, details about the identities of the suspects and the companies involved remain limited. However, the potential scale of the scandal is already casting a shadow over Greece’s gambling sector, which features leading brands such as OPAP, majority owned by Allwyn, Stoiximan, and Betsson. The reputational risks for these operators could be significant if the inquiry results in prosecutions or reveals systemic failures in compliance practices.
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