MGA and FIAU sign memorandum of understanding
by Paul Cocks
The Malta Gaming Authority and the Financial Intelligence Analysis Unit (FIAU) have consolidated their long standing relationship by means of a Memorandum of Understanding (MoU), specifically aimed at improving the sharing of information and co-operation between the two entities, on the areas of supervision of anti-money laundering and combating the financing of terrorism.
MGA CEO Heathcliff Farrugia said he was delighted to sign such an important MOU with the FIAU.
“Our relationship with the FIAU has gone from strength to strength, particularly since the introduction of EU’s 4th Anti-Money Laundering Directive. Due to the nature of our roles, we are in regular contact, also conducting joint supervision on MGA-licensed entities,” he said.
Kenneth Farrugia, Director of the FIAU, said that the MGA was a strategic partner of the FIAU in ensuring that the highest levels of AML/CFT compliance are applied across the gaming sector.
The provisions of the MOU allow both parties to discuss avenues of further co-operation in the area of AML/CFT, including in relation to training of respective employees, training of persons and entities licensed by the MGA, and assessing the competency on AML/CFT of individuals holding key positions with licensed entities.
