Anti-Money Laundering Measures of the Malta Gaming Authority
In the Malta Gaming Authority’s (MGA) mission to maintain a safe and secure space for the online gaming landscape, casino businesses and other global online gambling platforms are only issued by the organisation if the applicant has satisfied the stringent requirements set by the regulatory guidelines.
These measures include the MGA effectively enforcing any anti-money laundering and funding of terrorism policies, procedures, and systems to prevent the presence of risk within the gambling industry.
The Supervisory Functions of the Malta Gaming Authority
Under the guidelines set by the Prevention of Money Laundering & Funding of Terrorism Regulations (PMLFTR), all land-based and remote gaming operations are under the purview of the MGA when it is brought into consideration under the Prevention of Money Laundering Act (PMLA).
The MGA assists and cooperates with the Financial Intelligence Analysis Unit (FIAU) as part of its obligation to the organisation’s duties. This includes the monitoring of all licensed casinos and gaming operators’ compliance to the PMLA, as well as other Implementing Procedures or guidelines that are listed and the reporting of non-compliance to the FIAU.
The AML/CFT Obligations of the Malta Gaming Authority
The MGA is subject to anti-money laundering/combating the financing of terrorism (AML/CFT) obligations. These obligations apply said measures, controls, and procedures to casino and gaming licensees that hold B2C gaming licenses (Type 1, Type 2, and Type 3 games).
With this risk-based approach, holders of the Malta gaming license ensure that the actions that are taken to prevent and/or mitigate money laundering/terrorism funding are proportionate. This is so that resources are allocated on a priority basis and more severe cases are given the most attention.
Additionally, license holders perform a business risk assessment to take into account of the risks and vulnerabilities that their gaming operations may encounter. At the same time, a Customer Acceptance Policy must be submitted and transcribe its AML/CFT policies and procedures to outline the company’s acknowledgement of Customer Due Diligence and other AML/CFT obligations.
Furthermore, the appointment of a Money Laundering Reporting Officer (MLRO) of sufficient seniority and command is required. The role of the MLRO officer is to analyse any unusual and/or suspicious activity or transactions of the gaming operator, in addition to filing suspicious transaction reports (STR) with the FIAU. An appointed MLRO officer has to be registered with FIAU and be an approved Key AML Function by the MGA.
Other Resources
Under Regulation 17 of the PMLFTR, the FIAU Implementing Procedures are legally-binding instruments divided into two main parts: Part I is applicable to all sectors, whilst Part II applies to each sector separately.