MGA sets up a new Anti-Money Laundering Supervisory Unit

A new Anti-Money Laundering Unit has now been set up within the Malta Gaming Authority’s operational and regulatory structures, The MGA announced.

In a statement, MGA said that the new unit was set up after wide ranging consultations carried out between the FIAU and the Malta Gaming Authority, including the publication of the anti-money laundering supervisory mechanisms carried out last year.

“This new unit, which is now fully operational, will be conducting anti-money laundering supervisory assessments through on-site and off-site inspections and will report any findings to the Financial Intelligence Analysis Unit,” the statement said.

The team of AML officers within this unit have been given extensive training by local and international experts in anti-money laundering activities in order to make sure that the new team has the necessary capability, skill and capacity to conduct effective off-site and on-site assessments for all licensees both land based and remote.”

MGA said that some on-site examinations would also be carried out with the FIAU, with the transposition of the 4th AML Directive into Maltese law.

The Authority had also drawn up an AML/CFT supervisory plan for 2018 which includes a significant number of on-site visits to both land based and remote gaming operators, the statement said.

“The Authority 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.”