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“The Business Risk Assessment”, newly published document by FIAU in collaboration with MFSA & MGA

MEDIA ROOM

April 13, 2021

The Financial Intelligence Analysis Unit (FIAU) is publishing, alongside the Malta Gaming Authority (MGA) and the Malta Financial Services Authority (MFSA), a document titled “The Business Risk Assessment”.

Within this document are reported key findings about Business Risk Assessments (BRAs) implemented by subject persons in compliance with the Prevention of Money Laundering and Funding of Terrorism Regulations (PMLFTR) and the FIAU’s Implementing Procedures.

Subject persons were required to submit BRAs within the framework of the 2020 Risk Evaluation Questionnaire submission and as part of AML/CFT compliance examinations carried out by FIAU, MGA and MFSA during the period 1st July 2019 to 30th June 2020, all of which are analysed in-depth within The Business Risk Assessment.

Gaming licensees who are considered as subject persons under the PMLFTR are urged by the MGA to avail themselves of the publication in order to assess whether they have a BRA that satisfies all legal requirements.

Unsure whether you conform to the latest rules and regulations? CSB Group can help you with that.

With over 30 years of experience, CSB Group has a wealth of knowledge at its disposal to aid you in your compliance endeavour.

The Group’s Compliance team is ready to guide gaming licensees through the process of Regulatory Compliance, supporting them in a number of ways which include:

  • designing and implementing compliance monitoring programmes;
  • drafting customised policies, manuals and procedures in line with regulations;
  • conducting investigations into regulatory or compliance breaches;
  • reviewing and assessing policies, manuals and procedures according to regulatory changes;
  • supporting with the anticipation of compliance impacts of regulatory change;
  • assisting and providing tailor-made training solutions in universal compliance topics, such as AML/CFT and GDPR;
  • assisting with the preparation for and response to regulatory onsite inspections and drafting of action plans in this regard;
  • conducting client-specific or business-wide compliance reviews;
  • supporting organisations with the drafting of Business Risk Assessments.

Licence Holders of licensable activities issued by the Malta Financial Services Authority would require the appointment of a Compliance Officer. Should they be found in breach of the legal requirements set out by the Authorities, licensees would incur significantly high costs, and suffer the loss of consumer confidence in the specific business or sector, as well as the jurisdiction as a whole.

At CSB Group we support businesses in their effort to build the necessary compliance capacity to fulfil their obligations and safely proceed with the attainment of their strategic objectives.

For any enquiries, feel free to contact [email protected] and a member of our team will be sure to assist you.