Malta’s National Risk Assessment Introduces Money Laundering Threats in Gaming Sectors

Malta has included targeted financial sanctions in its National Risk Assessment (NRA) for 2023, which explores the complex world of money laundering, funding of terrorism, and financing of proliferation. Impact, probability, and threat level are the three categorization criteria used in this research, which was produced in cooperation with government agencies and the National Coordinating Committee on Combating Money Laundering and Funding of Terrorism (NCC) to assess the risks.

The National Rifle Association highlights the role that cash, prepaid cards, and virtual financial assets play in the problem of money laundering in Malta. Overall, residual hazards are categorized as “medium” for both land-based and remote gaming, with mitigation measures having a high effectiveness.

Customer-Related Vulnerabilities in Remote Gaming

Vulnerabilities relating to consumers arise as a major worry in the remote gaming sector, particularly for those clients who are more likely to be involved in money laundering or terrorist funding. Remote gaming is categorized as having “severe,” “very high,” and “high” degrees of impact, exposure, and susceptibility. With a possibility of “possible” and a danger rating of “medium-high,” the research emphasizes the serious consequences of licensed operators being under the influence of criminals.

The NRA describes the serious consequences of using cash payment methods for money laundering in the context of land-based gaming. At a “medium-high” danger level, the possibility of using cash to launder illegal gains is rated as “likely.” On the other hand, national lotteries and brick-and-mortar bingo halls are considered to be low risk.

The NRA provides suggestions tailored to individual sectors to solve these issues. It is recommended that land-based and remote gaming establishments improve their risk-based strategies by routinely updating client risk profiles. In order to identify new risks, the research stresses the significance of continuing risk-based customer due diligence processes and keeping a close eye on transaction monitoring systems.

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