The Malta Gaming Authority (MGA) has recognized that, although licensees have a sound understanding of Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regulations, there are still significant gaps that need addressing to maintain a risk-based approach to financial threats.
This observation stems from the completion of a thematic review of Malta’s remote gambling sector by the MGA and the Financial Intelligence Analysis Unit (FIAU).
The purpose of the joint review was to evaluate the AML/CFT regulatory knowledge of licensed businesses, including the application of company policies and procedures by Money Laundering Reporting Officers (MLROs) and other executives of remote-licensed gambling operators.
The review involved 23 compliance examinations and placed particular emphasis on MLROs and employees responsible for AML/CFT compliance.
Interviews with MLROs revealed a solid grasp of essential protections and measures to prevent money laundering, such as ris..