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The Malta Gaming Authority publishes Directive on the Key Function of the Prevention of Money laundering and the Financing of Terrorism

Published

5 years ago

July 17, 2020

George Miller

MGA issues Closed Consultation regarding amendments to Player Protection Directive

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In exercise of the power conferred by article 7(2) of the Gaming Act, 2018 (Cap. 583 of the Laws of Malta), the Malta Gaming Authority is hereby issuing the Directive on the Key Function of the Prevention of Money laundering and the Financing of Terrorism (Directive 3 of 2020).

From the coming into force of this directive, B2C Licensees shall ensure that at least one of the Key Function Holders vested with exercising the Key Function of the Prevention of Money Laundering and the Financing of Terrorism must also be an FIAU-registered MLRO in accordance with the procedures laid down in the directive.

The directive is effective as of the 20th of July 2020, however, B2Cs holding a licence before the coming into force of this directive have been afforded a two-month transitory period to align with the requirements specified in the directive.

This Directive can be accessed from here.

Related Topics:Malta Gaming Authority MGA Prevention of Money laundering and the Financing of Terrorism

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George Miller

George Miller started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.