The Financial Intelligence Analysis Unit in collaboration with the Malta Gaming Authority have published revised Part II of their Implementing Procedures for the Remote Gaming Sector.
The changes aim to clarify previous doubts which where highlighted as a result of the first version of the issued in 2018 and align such procedures to practices within the industry.
The main changes are highlighted as follows:
- Providing 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;
- Clarification on 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;
- Further elaboration on risk factors which are to be taken into account by subject persons, such as on the involvement of affiliates;
- 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;
- The provision of targeted guidance on Corporate Licensees; and
- The inclusion of case studies based on actual cases analysed by the FIAU’s own Intelligence Analysis Section.