MGA review says gaming operator MLROs need more training on specific financial threats

The MGA carried out 23 compliance inspections.
The MGA carried out 23 compliance inspections.

The Malta Gaming Authority has completed a review of the sector with the Financial Intelligence Analysis Unit.

Malta.- The Malta Gaming Authority (MGA) has found that gaming operators still show gaps that need to be addressed for a risk-based approach to financial threats.

Its review of the sector with the Maltese Financial Intelligence Analysis Unit (FIAU) found that operators have a solid grasp of Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regulations and protections, including risk profiling, know-your-customer checks and awareness of general threats. However, improvement is needed with regard to administrative measures and specific AML risks.

The review, which involved 23 compliance inspections, evaluated regulatory knowledge and the application of company policies and procedures by Money Laundering Reporting Officers (MLROs) and other executives. Improvements were found in AML/CFT processes, including jurisdiction reputability assessments, customer risk assessments, due diligence, documentation of threats and the screening of politically exposed persons (PEPs).

The report recommends prioritising training in specific risks and procedures of the remote gaming sector and suggests that operators need to take proactive steps to improve AML/CFT controls through continuous education.

Meanwhile, the MGA has hosted its first Sports Betting Integrity Conference. The event was attended by high-profile stakeholders including the Union of European Football Associations (UEFA), the International Olympic Committee (IOC), the International Betting Integrity Association (IBIA), the United Nations Office on Drugs and Crime (UNODC), the International Tennis Integrity Agency (ITIA) and the eSports Integrity Commission (ESIC).

Local bodies taking part included the Malta Police Force, the Malta Football Association (MFA), the Authority for Integrity in Maltese Sports and the Office of the Attorney General.

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gambling regulation MGA