Malta Gaming Authority launches revised AML guidance for online operators
Updated customer due diligence, fraud and AML standards included in new document
The Malta Gaming Authority (MGA) has published a revised set of AML and best practice procedures for Malta-licensed operators in partnership with Malta’s Financial Intelligence Analysis Unit.
The changes are a response to amendments made to the country’s Prevention of Money Laundering and Funding of Terrorism Regulations, which targets financial crime being perpetrated through Maltese businesses.
In addition, the revisions are based on issues encountered by both the MGA and FIAU during its supervisory duties.
Under the new rules, which came into effect yesterday, all licensees are required to carry out a business risk assessment to identify AML risks that they are exposed to and ensure that the measures, policies, controls and procedures adopted are ‘sufficiently robust’ to prevent and mitigate them.
“The business risk assessment has to be documented and approved by the board of directors (or equivalent) of the licensee and made available to the FIAU and/or to the MGA upon request,” the revised guidance states.
Further revisions for operators include further guidance on customer due diligence measures, including identity verification, ongoing monitoring and dealing with customers who are considered politically exposed persons.
The revised guidance also targets money laundering reporting officers (MLRO’s) within operators, outlining the requirements these individuals must meet in order to be compliant with Maltese gaming law.
The guidance provides clarity on what operators should do when an individual chooses not to provide information required as part of the customer due diligence checks. It also outlines risk factors which should be taken into account in dealing with affiliates.
The revisions also include the extension of licensee AML and CFT obligations to physical establishments used to extend licensees customer reach, including all offices, as well as providing targeted guidance towards corporate licensees.
Several case studies based on actual cases analysed by the FIAU’s own Intelligence Analysis Section are also provided.