MGA to enhance anti-money laundering law

According to the gaming authority, the purpose of the consultation document is to provide a general explanation of the main anti-money laundering and combatting the funding of terrorism (AML/CFT) obligations and a general outline of how licensees will be expected to comply with these obligations.

This 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 and 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.

The obligations will enter into force by virtue of the transposition into Maltese law of Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing.

"Licensees are strongly encouraged to read this document in conjunction with the Directive as well as with Part I of the current Implementing Procedures.  While the transposition will inevitably result in changes to the Implementing Procedures, the general content thereof is unlikely to undergo any major change," said the official statement.