Ongoing collaboration between MGA and FIAU ‘crucial’ to monitor AML compliance

In a bid to develop a strategic partnership and strengthen cross-regulator collaboration, the Malta Gaming Authority (MGA) and the Financial Intelligence Analysis Unit’s (FIAU) have held a number of joint-workshops in order to strengthen Malta's anti-money laundering and combating the financing of terrorism (AML/CFT) capabilities and streamline supervisory processes.

FIAU’s head of supervision Claudia Callus, said, “ongoing collaboration between the FIAU and MGA is crucial in effectively monitoring whether gaming operators have a sound AML/CFT compliance framework. Well-trained employees who understand each other’s work and processes is another key to being effective in AML/CFT supervision.”

The MGA’s anti-money laundering unit teamed up with the FIAU's supervision unit for a joint workshop to prepare for and consolidate a number of examinations that were carried out during the first quarter of 2023.

MGA’s head of financial crime compliance, Antonio Abdilla Zerafa, said that both regulators shared a strong and ongoing collaborative bond which played a crucial role in the gaming industry’s AML/CFT supervision endeavours.

“To ensure this, the FIAU and the MGA organise a number of workshops which take on varying forms – including those that take place before and after joint supervisory engagements – to ensure that they are conducted in the most effective and efficient manner,” he said.

Both authorities, together with the Malta Financial Services Authority (MFSA), also participated in a full-day training session on supervisory techniques and processes for staff engaged in carrying out compliance examinations.

The aim was to share insights and best practices between the authorities.

Featured Image: Workshop held by the MGA and the FIAU (via mga.org.mt)