MGA collaborates with local supervisory authorities to enhance compliance examinations

The MGA’s anti-money laundering unit teamed up with the Financial Intelligence Analysis Unit’s (FIAU) 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. Both authorities worked together to further streamline the supervisory process.

FIAU Head of Supervision Claudia Callus said that the FIAU firmly believed that cooperation with its strategic partners in the fight against money laundering and the financing of terrorism was critical to success.

“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,” she said.

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. AML Manager Rachel Bezzina provided an overview of the structure of the MGA’s AML unit in terms of the examinations process and highlighted the main goals for the year.