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MGA Elaborated BRA Document to Prevent Money Laundering

12 April 2021, 11:45
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The Malta Gaming Authority in collaboration with the Financial Intelligence Analysis Unit (FIAU) and the Malta Financial Services Authority (MFSA) has introduced the Business Risk Assessment report.

MGA Elaborated BRA Document to Prevent Money Laundering

A business risk assessment became an obligatory procedure, starting from 2018, according to the news about legislation. The presented document defines the anti-money laundering approach in business and provides the results of the recent analysis.

Respondents confirmed YOY increase in BRA compliance

The report is based on answers from the BRA program participants about its efficiency. In addition to this, the results are also based on examinations conducted by the Malta Gaming Authority together with other involved organizations related to the AML procedures and anti-terrorism funding regulations. It is worth mentioning that the regulator considers all gambling license holders as parties subject to the BRA requirements.

Within the analysis, it has been found out that 27% of the Business Risk Assessment document samples (which are a part of 2020’s questionnaire) have come from the gaming sector. The FIAU has noted that there is an over nine percent decrease in the number of companies, which don’t comply with the BRA. Considering the gambling industry, 87% of operators had these guidelines in place in 2020, in comparison to 2019’s 71%. The report emphasizes that every business has to have its own specific BRA, which reflects real measures that are taken by it.

Read more: Detailed description of a Malta license for gambling

Read more: License variety for online gambling in Europe

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