The Financial Intelligence Analysis Unit (FIAU) and the Malta Gaming Authority (MGA) have successfully completed a thematic review of the remote gaming sector, with the aim of assessing gaming operators' knowledge on issues relating to 'Anti-money laundering (AML) and the fight against the financing of terrorism (CFT).
The review, which consisted of 23 compliance examinations, specifically focused on the money laundering reporting officers (MLROs) of remote gaming operators, as well as employees involved in the AML/CFT compliance function. These employees play a critical role in ensuring that controls are applied effectively to mitigate money laundering and terrorist financing risks, while maintaining compliance with AML/CFT obligations.
The primary objective of this exercise was to identify areas for improvement, facilitate regulatory awareness, and provide targeted education to the industry on how to improve their practices in specific areas of concern.
Overall, respondents demonstrated a solid understanding of key AML/CFT principles, including the purpose of the Prevention of Money Laundering and Terrorist Financing Regulations (PMLFTR), the high-level concepts of the on risk, outsourcing obligations, continuous monitoring, timeframes for submitting suspicious reports and AML/CFT training obligations.
The thematic analysis also identified areas for improvement in relation to knowledge on the administrative measures applicable under the PMLFTR. While interviewees were able to detail the high-level concepts of the risk-based approach, there was room for improvement regarding their awareness of the inherent and residual risks faced by their respective companies.
Gambling operators are encouraged to prioritize ongoing training to ensure their MLROs and their employees remain up-to-date on evolving AML/CFT obligations, relevant risks, and their companies' operations, activities and controls.
The MGA and FIAU encourage all MLROs and affected employees to familiarize themselves with the findings and key points of this review and to take steps to incorporate any necessary improvements.
