MGA: PMLFT Key Function Holder now required to be an FIAU-registered MLRO

July 2020 - The Malta Gaming Authority recently issued a directive (Directive 3 of 2020) on the Key Function of the Prevention of Money laundering and the Financing of Terrorism (PMLFT).

According to a statement issued by the MGA, the gist of the directive is that B2C Licensees “shall ensure that at least one of the Key Function Holders vested with exercising the Key Function of PMLFT must also be an FIAU-registered MLRO in accordance with the procedures laid down in the directive”.

Although the directive is due to come in force on the 20th of July 2020, B2Cs holding a licence before this date can benefit from a two-month transitory period “to align with the requirements specified in the directive”.

This Directive can be accessed from here.

For more information, visit the Malta Gaming Authority website on: https://www.mga.org.mt/

Publication date: July 2020