Further to the transposition of the Fourth Anti-Money Laundering Directive into Maltese Law the Malta Gaming Authority (“MGA”) has published an announcement that a new Anti-Money Laundering Unit has now been set up within its operational and regulatory structures.
This new unit is fully operational and will be conducting Anti-Money Laundering and Combating the Financing of Terrorism (“AML/CFT”) supervisory assessments through on-site and off-site inspections of all licensees both land based and remote. The unit will report any findings to the Financial Intelligence Analysis Unit (“FIAU”), with some on-site examinations which shall be carried out jointly with the FIAU.
The MGA has drawn up an AML/CFT supervisory plan for 2018, which includes a number of on-site visits, and has conducted an AML/CFT training programme. It has also announced that it 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.