The Malta Gaming Authority (MGA) announced that, along with The Financial Intelligence Analysis Unit (FIAU), it has completed a thematic review of the remote gaming sector. The review was carried out with the aim of assessing gaming operators’ knowledge on matters related to Anti-Money Laundering (AML) and Combatting the Funding of Terrorism (CFT).
The review, which consisted of 23 compliance examinations, focused specifically on the remote gaming operators’ Money Laundering Reporting Officers (MLROs), as well as on employees involved in the AML/CFT compliance function.
The MGA says that such employees play a pivotal role in ensuring that controls are applied effectively to mitigate money laundering and terrorism financing risks while maintaining compliance with AML/CFT obligations.
According to the authority, the foremost objective of this exercise was to identify areas for improvement, facilitate regulatory outreach, and provide targeted education to the sector on how to enhance their practices in specific areas of concern.
It further stated that interviewees overall showcased a “solid understanding” of key AML/CFT principles, including the purpose of the Prevention of Money Laundering and Funding of Terrorism Regulations (PMLFTR), the high-level concepts of the risk-based approach, outsourcing obligations, ongoing monitoring, the timing for submitting suspicious reports, and training obligations related to AML/CFT.
The thematic review also identified areas for improvement in relation to the knowledge of 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 when it came to their awareness of the inherent and residual risks faced by their respective companies, the authority said.
The MGA encouraged gaming operators to prioritize ongoing training to ensure that their MLROs and relevant employees remain updated on evolving AML/CFT obligations, the relevant risks, and their companies’ operations, activities, and controls.
The authority also encouraged all MLROs and relevant employees to familiarize themselves with the findings and key takeaways of the review and to take steps to incorporate any necessary enhancements.