Gaming companies authorised to sell products directly to consumers must have at least one person who is registered with the Financial Intelligence Analysis Unit as a money laundering reporting officer.

This has been decided by the Malta Gaming Authority in the form of a directive on the key function of the prevention of money laundering and the financing of terrorism.

The FIAU is a government agency set up under the Prevention of Money Laundering Act and is responsible for the collection, collation, processing, analysis and dissemination of information to combat money laundering and the funding of terrorism. It is also responsible for monitoring compliance with the relevant legislative provisions.

The directive comes into effect on 20th July. However, B2C companies holding a licence before the coming into force of the directive have been given a two-month transitory period to align themselves with the new requirements.

In terms of the directive, the person to be registered with the FIAU has to be the so-called key function holder responsible for the prevention of money laundering and the financing of terrorism.

Companies selling directly to consumers must also ensure that the status of the money laundering reporting officer is updated with the FIAU within 10 days from obtaining the MGA’s approval to act as sole or primary key function holder.