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The Payabl Group was founded by former Wirecard executives Ruediger Trautmann and Dietmar Knoechelmann and his wife Ayelet Fruchtlander Knoechelmann in or around 2010. Payabl is the resulting company from the merger of former Wirecard satellites. We recently reported that Payabl grew explosively in Q3 2022. Apparently with high-risk merchants from the porn and gambling sector. Whistleblowers have explained us in detail how Payabl, authorized as payment institution in Cyprus, processes payments for offshore gambling websites from German clients.
Online gambling providers need a German license to operate in Germany. A gambling license from an offshore destination like Curacao or another EU country like Malta or Cyprus is not sufficient. These offshore-licensed providers operate illegally and their revenues from German players are illicit proceeds.
According to the information whistleblowers provided to FinTelegram, Payabl is processing large volumes of the German payment processor and merchant service provider Sofort and its online gambling merchants operating with offshore licenses. To oncoard offshore gambling merchants, they use EUlicensed companies (usually inEstonia or Malta) and process the offshore-licensed gambling URLs underneath it. Moreover, they reques a letter of intent from these merchants stating that they intend to apply for the German license just in case. However, they do not really intend to apply for a German gambling license.