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The MGA Enhances Its AML Capabilities Through Collaboration
By Shane Addinall May 09, 2023 IndustryThe MGA and FIAU have embarked on a journey of collaboration that will see Malta avoid future grey listing by FAFT. The aim is to become a leader in combatting local and international money laundering for a safer online gambling market.To establish a successful online gambling jurisdiction, you must facilitate international banking transactions as frictionlessly as possible. The challenge that this creates is the simpler these processes become, and the quicker payments are made, the more appealing your jurisdiction becomes to money launderers.
As a regular player, you might feel this does not concern you, but it does. The more restrictive a regulator becomes, the longer your favourite online casino takes to process your withdrawals. The tighter bonus terms and conditions become to stop illicit cash from being washed through the operator's promotional calendar.
Get Ready to Rumble
Recently Malta was placed on the Financial Action Task Force (FATF) grey list, which occurs when a country is found to be falling short of its anti-money laundering (AML) responsibilities.
In order to get back on track, the region worked with FAFT and resolved the outstanding AML by closing all the loopholes that the report had highlighted. However, there has been a renewed commitment to becoming a leader in safer banking after its delisting from the grey list and subsequent reinstatement as a trusted jurisdiction.
Leading the charge is the Financial Intelligence Analysis Unit (FIAU), which has been tasked with the “gathering of information about the financial affairs of entities of interest, to understand their nature and capabilities, and predict their intentions" under the Prevention of Money Laundering Act (Cap. 373 of the Laws of Malta).
MGA and FIAU Join Forces
Given the sensitive nature of international online casino deposits and withdrawals, the Malta Gaming Authority (MGA) and the FIAU have officially announced their decision to form an ongoing partnership to battle financial crime in Malta and provide insights to their peers on potential cross-border risks.
FIAU Head of Supervision Claudia Callus said:
Quote“Ongoing collaboration between the FIAU and MGA is crucial in effectively monitoring whether gaming operators have a sound AML/CFT compliance framework. Well-trained employees who understand each other’s work and processes are another key to effective AML/CFT supervision.”
MGA’s Head of Financial Crime Compliance, Antonio Abdilla Zerafa, added:
Quote“To ensure this, the FIAU and the MGA organise a number of workshops which take on varying forms – including those that take place before and after joint supervisory engagements – to ensure that they are conducted in the most effective and efficient manner.”
The agreement is already drawing interest from other local authorities as the Malta Financial Services Authority (MFSA) has begun participating in the knowledge-sharing program initiated by the MGA and FIAU.
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