The Financial Intelligence Analysis Unit ("FIAU"), in conjunction with the Malta Gaming Authority ("MGA"), has today published a revised version of the Implementing Procedures Part II for the Remote Gaming Sector.
The changes carried out were rendered necessary to address amendments to the Prevention of Money Laundering and Funding of Terrorism Regulations ("PMLFTR") and to the Implementing Procedures - Part I, as well as to reflect realities that FIAU and MGA officers have been encountering in the course of supervisory activities.
They aim to provide 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
The procedures aim to clarify 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;
They will further elaboration on risk factors which are to be taken into account by subject persons, such as on the involvement of affiliates.
They bring with them 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.
They also provide targeted guidance on Corporate Licensees and include case studies based on actual cases analysed by the FIAU's own Intelligence Analysis Section.
In an effort to further assist interested parties, the FIAU has also published on its website a copy of the original Implementing Procedures Part II with all the changes carried out tracked out for ease of reference.
"Licencees are hereby being reminded that to understand and fulfil their AML/CFT obligations, they are to read these Implementing Procedures in conjunction with the Implementing Procedures Part I."
The revised version of the Implementing Procedures Part II is effective from today the 2nd July 2020.
The Implementing Procedures Part II can be viewed from here.