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    Revised Version Effective from 2nd July 2020

    The Financial Intelligence Analysis Unit (“FIAU”), has published a revised version of the Implementing Procedures Part II for the Remote Gaming Sector.

    The changes carried out to so as  to address the recent amendments to the Prevention of Money Laundering and Funding of Terrorism Regulations (“PMLFTR”) and to the Implementing Procedures – Part I and to address the issues that the  that FIAU and MGA  have been encountered  in the course of carrying out their supervisory activities. The following are the salient revisions made to these Implementing Procedures:

    • Providing further guidance on the customer due diligence (“CDD”) processes, such as the verification of customers’ identity, the carrying out of ongoing monitoring and the applicable obligations in the case of PEPs;
    • Clarification on the obligations of subject persons when dealing with uncooperative customers;
    • 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’ anti-money laundering and countering the funding of terrorism (“AML/CFT”) obligations to their physical establishments;
    • The provision of targeted guidance on Corporate Licensees; and
    • The inclusion of case studies, which have been analysed by the FIAU’s Intelligence Analysis Section.

    Subject persons are reminded that these Implementing Procedures and the amendments that have been made thereto focus on certain aspects of the PMLFTR and their application that warrant further elaboration at industry-specific level in order to ensure their correct interpretation and application by licensees. Licensees are hereby being reminded that to understand and fulfil their AML/CFT obligations, they are to read these Implementing Procedures in conjunction with the Implementing Procedures Part I.

    Click on the link to access the  revised Implementing Procedures Part II ( Remote Gaming Sector ) document : https://bit.ly/31M1Qw9