Malta MGA wants industry stakeholders to get smart on new EU-wide anti-money laundering rules.

Issuing a market update, the Malta Gaming Authority (MGA) has published a joint industry consultation with the Financial Intelligence Analysis Unit (FIAU) detailing forthcoming changes to EU-wide business policy relating to ‘anti-money laundering and combatting the funding of terrorism (AML/CFT) requirements’.

The document highlights provisions set by the European Parliament and Council on new regulations relating to the prevention of financial systems and processes for the purpose of AML and terrorist financing.

The MGA warns that industry stakeholders will now have to meet EU AML/CFT requirements in order to maintain their MGA approved licensees. The new directives will be forced directly into the Maltese law of Directive (EU) 2015/849. 

Working with the FIAU, the MGA has published its stakeholder consultation detailing new an initial outline of how licensees will be expected to comply with these obligations.

This consultation document will serve as the basis for a more detailed sector-specific guidance document that will be issued at a later stage following due consultation with the remote gaming sector. The document is divided into five main sections, each of which corresponds to what is considered by the FIAU and the MGA as being the main AML/CFT obligations of subject persons.

The MGA has requested for industry stakeholders to submit questions and feedback regarding the document at l[email protected] (feedback openuntil the 11th of August 2017).

Document can be downloaded at http://www.mga.org.mt/wp-content/uploads/20170710-Remote-Gaming-Sectoral-Consultation-Document.pdf