The FIAU (“Financial Intelligence Analysis Unit”) published on the 2nd July 2020 and in cooperation with the MGA (the “Malta Gaming Authority”), the revised version of the Implementing Procedures Part II for the Remote Gaming Sector with the aim to reflect realities that the FIAU and MGA officers have been encountering in the course of supervisory activities as well as to take into account the amendments to the Prevention of Money Laundering and Funding of Terrorism Regulations (“PMLFTR”) and the Implementing Procedures – Part I.
The Authorities call all licensees to understand and fulfil their AML/CFT obligations by reading these Implementing Procedures in conjunction with the Implementing Procedures Part I.
The salient revisions made to these Implementing Procedures are listed hereunder:
- Providing further guidance on customer due diligence (“CDD”), such as on the verification of customers’ identity, the carrying out of ongoing monitoring, dealing with customers who are PEPs, as well as on the requirements that persons acting as MLROs are expected to meet;
- Clarification on the obligations of subject persons when the customer is not willing to provide the same with the necessary information and/or documentation required as part of CDD;
- Further elaboration on risk factors which are to be taken into account by subject persons, such as on the involvement of affiliates;
- The extension of the licensees’ own anti-money laundering and countering the funding of terrorism (“AML/CFT”) obligations to physical establishments used to extend licensees’ customer reach;
- The provision of targeted guidance on Corporate Licensees; and
- The inclusion of case studies based on actual cases analysed by the FIAU’s own Intelligence Analysis Section.
The revised version of the Implementing Procedures Part II is effective from the 2nd July 2020.
The Implementing Procedures Part II can be viewed from here.