MALTA GAMING AUTHORITY (MGA) ANNUAL REPORT: HEIGHTENED AML/CFT DUTIES

On 16 September, SBC News reported that the MGA Annual Report provides a breakdown of its supervisory activities, regulatory objectives and policy initiatives undertaken during the financial year ending 31 December 2021.  Supervisory activities saw the MGA issue 64 warnings, leading to a cancellation of 7 licences, as its compliance audits registered 31 administrative penalties and 3 regulatory settlements that summoned collective fines totalling €176,000.  Monitoring by the Financial Intelligence Unit (FIAU) led to enforcement measures being applied on 10 licensees who were further reprimanded with MGA-sanctioned penalties of €863,000; and a total of 13 individuals and companies were deemed to have failed ‘fit and proper assessments, ‘mainly on the basis of mitigating the risks of money laundering or funding of terrorism’.

https://sbcnews.co.uk/europe/2022/09/16/mga-2021-agenda/

https://www.mga.org.mt/the-mga-publishes-its-2021-annual-report-and-financial-statements/

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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