Published: Thursday June 15, 2017
What’s all the fuss about?
The gaming regulations in Malta are due a much needed review and whilst implementation now looks likely to be at the end of summer we at GBG are incredibly positive about what is coming.
With the Financial Intelligence Analysis Unit (FIAU) and the Fourth Anti Money Laundering Directive (AMLD4) driving the agenda we are all keen to see the final version. However the conversations, discussions, and workshops we have had with regulators and operators over the last year have been incredibly positive as the Malta Gaming Authority (MGA) seek to align regulations with the global best practice. This new approach will produce a much smoother customer experience helping to improve both onboarding and compliance in equal measure.
Malta is certainly in the ascendency and with the uncertainty around Brexit hanging heavy over Gibraltar, Malta is making the most of the fact its access to the EU is set in stone. Sky Betting and Gaming have become the latest high profile name to commit to the island. The Government is rightly bullish on its prospects and are positioning themselves as an enabler of business growth. The new regulations are an integral part of that.
What does new regulation mean for Operators?
Operators will also be expected to follow a risk based approach to how and what due-diligence they have carried out in order to understand “who” their customer is. This doesn’t just related to money laundering and counter terrorist financing, but also to understand whether their customers are gambling responsibly and within their personal means. As well as carrying out the following, Operators will be expected to be able to document it to FIAU & MGA:
- Audit trail of due-diligence of customer verification
- PEP check including ongoing monitoring
- Additional risk-based checks including source of funds
- Carry out responsible gambling practise
What’s more, all of this will vary dependant on customer, single and accumulative transactional amounts, country of origin and type of gaming product. For many, this will mean additional work beyond the processes they currently undertake. But with automated checks, this doesn’t need to be the case.
GBG is very well placed to help
At GBG we are already able to provide our customers with the solutions they require in order to confidently meet the needs of the regulator, their business and more importantly their customer. There will be no changes needed to our core AML/KYC solutions, which already serve the majority of major brands globally.
Our recent win in the Fraud and Compliance Solution category at the EGR awards demonstrates how, in partnership with our customers we are looking to raise the bar when it comes to compliance, social responsibility, problem gambling and customer engagement.
For any advice or support in getting up to speed and compliance to meet the new regulations then please contact us at firstname.lastname@example.org or visit our gaming hub online. We will also be attending the iGaming Supershow in Amsterdam, so would be delighted to meet you there.