Department of Trust and ComplianceOne Group support operators facing new player risk check regulations

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The Financial Intelligence Analysis Unit (FIAU) and the Malta Gaming Authority (MGA) have successfully completed a thematic review of the remote gaming sector, with the aim of assessing gaming operators’ knowledge on matters related to Anti-Money Laundering (AML) and Combatting the Funding of Terrorism (CFT).

The review, which consisted of 23 compliance examinations, focused specifically on the remote gaming operators’ Money Laundering Reporting Officers (MLROs), as well as on employees involved in the AML/CFT compliance function. Such employees play a pivotal role in ensuring that controls are applied effectively to mitigate money laundering and terrorism financing risks, while maintaining compliance with AML/CFT obligations.

The foremost objective of this exercise was to identify areas for improvement, facilitate regulatory outreach, and provide targeted education to the sector on how to enhance their practices in specific areas of concern.

Interviewees overall showcased a solid understanding of key AML/CFT principles, including the purpose of the Prevention of Money Laundering and Funding of Terrorism Regulations (PMLFTR), the high-level concepts of the risk-based approach, outsourcing obligations, ongoing monitoring, the timing for submitting suspicious reports, and training obligations related to AML/CFT.

The thematic review also identified areas for improvement in relation to the knowledge on the administrative measures applicable under the PMLFTR. While interviewees were able to detail the high-level concepts of the risk-based approach, there was room for improvement when it came to their awareness of the inherent and residual risks faced by their respective companies.

Gaming operators are encouraged to prioritise ongoing training to ensure that their MLROs and relevant employees remain updated on evolving AML/CFT obligations, the relevant risks and their companies’ operations, activities and controls.

The MGA and the FIAU encourage all MLROs and relevant employees to familiarise themselves with the findings and key takeaways of this review, and to take steps to incorporate any necessary enhancements.

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Leading licensing management solution now supports new global markets

Leading compliance software provider Compliable is now supporting licensing in European and Latin American markets, further strengthening its proposition following a successful period of growth in the United States.

With experience of working with prominent industry brands including FanDuel, Bet365 and BetFanatics in North America, Compliable’s platform can now help companies complete, manage and maintain gaming licenses across multiple global jurisdictions.

Compliable is expanding into new markets at a time of increased regulatory obligations in numerous regions as well as a heightened demand from suppliers and vendors to get licensed from a reputational point of view.

Markets in Europe as well as emerging regions in Latin America are now supported by Compliable’s software solution, which enables operators and suppliers to enter new countries more quickly and reduces the ongoing burden of regulatory requirements.

Compliable’s software platform and tools provide customers both significant time and cost savings, as employees enter key information just once in the licensing process with the information then auto-populated across multiple forms, generating error-free applications every time.

The solution cuts the time it takes to get employees licensed by 90% to less than an hour, which has led to an increase of up to 700% in the number of employees that can be onboarded.

“Following discussions with our customers and prospects, it became clear that there is a demand for our market-leading licensing management solution outside of the United States and we are pleased to now be able to streamline the licensing process for even more companies in additional jurisdictions,” the Chief Executive Officer for Compliable, Chris Oltyan, said. “Licensing compliance can slow down your ability to expand into new markets but it doesn’t have to. Using our platform to remove bottlenecks in the acquisition and management of licenses frees up time and attention so our customers can focus on their go to market plans.”

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The International Tennis Integrity Agency (ITIA) confirmed that Croatian tennis official Marko Stojanovic has been suspended from the sport for five years and six months after admitting to breaches of the Tennis Anti-Corruption Programme (TACP).

Stojanovic, a national-level official, admitted to 15 breaches of the TACP, including manipulating data from matches in which they were an official to facilitate betting.

Stojanovic, who is accredited at national level and has officiated at ITF tournaments, co-operated fully with the ITIA investigation and accepted an agreed sanction, waiving their right to a hearing before an independent Anti-Corruption Hearing Officer. Stojanovic has also been fined $25,000, of which $18,750 is suspended.

The official’s agreed sanction began on 19 February 2024 and will end at midnight on 18 August 2029.

During the suspension, Stojanovic is prohibited from officiating at, or attending any tennis event authorised or sanctioned by the members of the ITIA (ATP, ITF, WTA, Tennis Australia, Fédération Française de Tennis, Wimbledon and USTA).

The ITIA is an independent body established by its tennis members to promote, encourage, enhance and safeguard the integrity of professional tennis worldwide.