MGA publishes directive on prevention of money laundering

(PRESS RELEASE) -- 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 20 July 2020, however, B2Cs holding a license 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.