The Financial Intelligence Analysis Unit (FIAU) and the Malta Gaming Authority (MGA) have issued a revised Consultation Document on the application of anti-money laundering and combatting the funding of terrorism requirements to anyone who is licensed to provide a service involving the wagering of a stake with monetary value in games of chance, including games of chance with an element of skill, via electronic means of distance communication upon request from the recipient of said services, with the opportunity to win prizes of money or money’s worth.
The revised document, takes into consideration the feedback received in relation to the Consultation Document issued in July 2017 and revises a number of proposals relating to identification, the threshold approach and source of wealth. The document also tackles other aspects that were not considered in the initial Consultation Document such as the appointment of the Money Laundering Reporting Officer.
These non-binding proposals should provide a clearer picture of what will be expected from licensees to comply with the Prevention of Money Laundering and Funding of Terrorism Regulations, 2017 (“PMLFTR”).
This document, together with feedback received from licensees and interested parties, will form the basis of sector specific guidance to be issued at a later stage once the revision of the Part I of the Implementing Procedures is completed.