FIAU issues record fine for gaming company

A gaming company has been slapped with the largest fine ever issued by the Financial Intelligence Analysis Unit (FIAU) after a number of issues were discovered.

The FIAU said the record €733,160 fine was issued at the end of August against Malta-based Vivaro Ltd, a remote gaming operator. As it had violated 10 different provisions of the law.

MAinly that the company had failed to make connections between player profiles across brands operating on their licence. Some other issues that were highlighted included ineffective monitoring of activity and lack of correct source of wealth, source of funds measures and transaction monitoring analysis systems were also not up to scratch.

An onsite examination showed that the company was flagging players as high risk when they reached a €2,000 transaction limit. However, this appears to have been on paper only, as the 30 player profiles reviewed had reached the €2,000 threshold but none had been rated as high risk.

Further shortcomings included failure to consider the exposure the company had from non-reputable jurisdictions. Also, the company did not consider the risk exposure from Politically Exposed Persons.

Beyond the administrative fine, the FIAU directed the company to address shortcomings through a structured plan.

You May Also Like

InScope 7.11: August 2021

InScope 7.11: August 2021

NCMB Consulting Case Study

NCMB Consulting Case Study

MAZARS (MALTA) -Client testimonial

MAZARS (MALTA) -Client testimonial

The Cost of AML

The Cost of AML