The Financial Intelligence Analysis Unit (FIAU) and the Malta Gaming Authority (MGA) have concluded a comprehensive thematic review aimed at evaluating the remote gaming sector’s adherence to Anti-Money Laundering (AML) and Combatting the Funding of Terrorism (CFT) regulations.
The review encompassed 23 compliance examinations, honing in on the Money Laundering Reporting Officers (MLROs) of remote gaming operators and other personnel involved in AML/CFT compliance. These individuals are instrumental in implementing robust controls to mitigate the risks associated with money laundering and terrorism financing, while ensuring adherence to regulatory obligations.
Identifying Areas for Enhancement
The three major goals of the evaluation were to identify areas that needed to be improved, encourage regulatory participation, and provide specialized training to support the industry’s practices in particular areas of concern.
Interviewees showed a good understanding of core AML/CFT principles, such as the PMLFTR (Prevention of Money Laundering and Funding of Terrorism Regulations), risk-based methodologies, outsourcing requirements, continuing monitoring protocols, deadlines for reporting suspicious activity, and training requirements.
Still, the study revealed areas that may use improvement, especially in terms of understanding the administrative actions described in the PMLFTR. Although the respondents demonstrated competence in broad risk-based approaches, there were deficiencies found in their comprehension of the innate and persistent hazards present in their individual companies.
It is recommended that remote gaming operators give priority to continuous training programs in order to guarantee that their MLROs and other relevant staff members stay up to date on changing AML/CFT requirements and the risks that are relevant to the operations, activities, and controls of their respective firms.
The MGA and the FIAU invite all relevant personnel and MLROs to familiarize themselves with the review’s main conclusions and take proactive steps to implement any necessary improvements.
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