MGA regulator increasing its anti-money laundering capabilities

Home » MGA regulator increasing its anti-money laundering capabilities

The Malta Gaming Authority (MGA) has announced the signing of a memorandum of understanding that has seen it further consolidate its long-standing relationship with the island nation’s Financial Intelligence Analysis Unit (FIAU).

The iGaming regulator used an official Wednesday press release published by European Gaming Media and Events to detail that the fresh alliance is due to see the two entities work to improve their information sharing capabilities so as to better combat money laundering and the financing of terrorism.

Additional opportunities:

The MGA stated that the enhanced union is also set to allow the pair ‘to discuss avenues of further co-operation’ regarding their systems to stamp out money laundering and terrorist financing that could encompass the increased training and assessment of individuals holding ‘key positions’ withing licensed iGaming operators.

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Close connection:

Heathcliff Farrugia, Chief Executive Officer for the MGA, used the press release to declare that he is ‘delighted’ to have signed such an agreement with the FIAU so as to further ensure that the online gaming market in Malta ‘is kept free from crime.’

Farrugia’s statement read…

“Our relationship with the FIAU has gone from strength to strength, particularly since the introduction of the European Union’s fourth anti-money laundering directive. Due to the nature of our roles, we are in regular contact, also conducting joint supervision on MGA-licensed entities.”

Segment security:

The FIAU is an agency of the Maltese government responsible for collecting, collating and analyzing information with the aim of combating money laundering and terrorism funding. The watchdog’s Director, Kenneth Farrugia, proclaimed that the improved accord with the MGA will further help the organization to ensure that ‘the highest levels of anti-money laundering and financing of terrorism compliance are applied across the gaming sector’.

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Read a statement from the latter Farrugia…

“The memorandum of understanding will therefore further strengthen the long-standing excellent relationship and the level of collaboration between the two authorities and demonstrate our commitment and determination in increasing Malta’s effectiveness in combatting money laundering and terrorism financing.”

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