The FIAU and the MGA publish a revised consultation document on the application of AML and CFT obligations to the remote gaming sector

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 […]

Written By ACT Team

On February 12, 2018
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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.

How can we help?  

For further information, please contact one of the firm’s tax partners, Stephen Balzan on [email protected] or Elaine Camilleri [email protected]. ACT can help you understand the changes to the tax rules and how these can impact your business.  

Apart from its offices in St. Julian’s Malta, ACT operates from a second office in Gozo, which is situated in the capital city of Victoria.  For an appointment in our Gozo office, please call on 00356 21378672 or send us an email on [email protected].