FIAU in collaboration with MGA and MFSA have published a document that entitles “The Business Risk Assessment.” FIAU indicates The Financial Intelligence Analysis Unit. MGA stands for the Malta Gaming Authority, and MFSA stands for the Malta Financial Services Authority.
The Business Risk Assessments key findings overview is included in the documents, and the obligations of the subject persons carry it out. The obligations under the Funding Terrorism Regulations, Prevention of Money Laundering, and the FIA U’s Implementing Procedures.
The subject person submits a high-level review and the BRA based on it. The high-level review is part of the submission of the Risk Evaluation Questionnaire in 2020 and the in-depth path analysis of the BRAs.
The gaming license is deemed the subject persons, urges by the MGA under the PMLFTR to make the appropriate use of the documents. Document’s good use ensure that all legal requirements are satisfied and have a good BRA.
The subject person carried out the Business Risk Assessment overview, and it included in the document. It subject to the obligation of money laundering and terrorism funding.
FIAU and MFSA
Under the money laundering prevention act, the government agency “The Financial Intelligence Analysis Unit” has established. FIAU is entirely responsible for collating, collecting, analyzing, processing, and disseminating information to combat terrorism funding and money laundering. Also, the relevant legislative provisions monitoring compliance done by this unit.
Malta’s single regulatory financial service is the Malta Financial Service Authority (MFSA). This MFSA unit regulates the financial institution, banking, investment companies, insurance companies, and many more financial services.
The Group’s Compliance team is ready through the regulatory compliance process to guide the gaming licenses. The number of things includes in supporting them:
- Implementing and designing the agreement monitoring programs.
- Procedures, manual and customized policies are drafting in line with the regulations.
- Into compliance or regulatory breaches are conducting the investigations.
- Assessing and reviewing manuals, policies, and procedures according to the changes of the regulatory
- Providing and guiding the tailor-made training solutions
- Conducting business-wide or client-specific compliance reviews.
- With Business Risk Assessments drafting, supporting the organizations.
A compliance officer required to appoint by the licensable activities license holders to operate all these carefully.