The Malta Gaming Authority (MGA) has recently made an announcement to all its licensees and subject persons that a new Anti-Money Laundering Unit is now set up within its operational and regulatory structures. This new development took place further to the transposition of the Fourth Anti-Money Laundering Directive into Maltese Law, consultations carried out between the Financial Intelligence Analysis Unit (FIAU) and the MGA and the publication of the AML/CFT supervisory mechanisms carried out in 2017.
The setting up of this new supervisory unit was a natural step for the MGA to take in order to be able to fulfil its obligation as an Authority. The new AML unit will be conducting AML/CFT supervisory assessments through on-site and off-site inspections and will report any findings to the FIAU. AML officers of MGA’s new unit have all been trained in the relevant areas and therefore equipped with the necessary capabilities and skills required for effective on-site and off-site assessments carried out with both land based and remote licensees. FIAU will also be joining the MGA in some of the on-site examinations.
Furthermore, the Authority has drawn up an AML/CFT supervisory plan for 2018 which includes a significant number of on-site visits to both land based and remote gaming operators.
The Authority shall continue to enhance its collaboration with the FIAU to ensure an effective AML/CFT framework coupled with the required levels of co-ordination and scrutiny across public and private bodies.
CSB Group is a Malta based leading corporate services provider with expertise in iGaming services that include iGaming licensing advice & assistance, gaming license applications, corporate & tax structuring, key official services, and iGaming recruitment.
Should you require CSB Group to perform an AML review of your operation or more information on the subject, please contact us on [email protected] or on +356 2557 2557.
