In the 1990s, the European Union adopted the first anti-money laundering (AML) directive. Years later, after the 9/11 attacks, gatekeepers around the globe such as banks have been applying more measures to prevent the misuse of the financial system to prevent money laundering while also combating the financing of terrorism (CFT).
In addition to EU legislations adopted by the Financial Action Task Force (FATF), many countries set up their own standards and regulations to prevent the smuggling of illegally obtained funds. For instance, under the Maltese law, any legal or natural personal that carries out relevant financial business or activity in Malta is subject to the Prevention of Money Laundering Act.
To keep up and respond to the evolving threats by criminals and terrorists in any sector, the laws and standards aimed at AML and CFT are constantly updated. In fact, to further prevent money laundering and the financing of terrorism, as of 20th July, the Malta Gaming Authority enforced a Directive on the Key Function of the Prevention of Money laundering and the Financing of Terrorism (Directive 3 of 2020). This directive states that at least one of the Key Function Holders must be an FIAU-registered MLRO.
Anti-Money Laundering services related to any business sector such as iGaming are offered by our experienced team at Fairwinds Management Limited. We also handle due diligence processes and regulatory compliance related to real estate. In this particular sector, due diligence is provided for both sellers and buyers entering into a promise of sale or preliminary agreement.
If you require any assistance related to AML/CFT, you can get in touch with Ms Joceline Caruana, one of the Directors on firstname.lastname@example.org