The Financial Intelligence Analysis Unit (FIAU) Malta issued a guidance note on suspicious transaction reports (STRs) on the 4th April 2019. The memo acts as a guide on the necessary data required by remote gaming licensees when submitting information on any dubious dealings that may arise.
The guide was issued in order to regulate and optimise the information received by the FIAU in order for the unit to complete its operations and to assist remote gaming licensees in understanding the correct data required when filling in an STR. This is of utmost importance as the information in the report assists the FIAU in following up on criminal activity relating to funding of terrorism or money laundering.
By issuing the note, the FIAU seeks to make the whole process more efficient so that the remote gaming licensees will be able to provide all the necessary information to the FIAU without any additional communication back and forth. It also aims to determine that the FIAU receives the information as soon as fraudulent activity is detected.
STR Guidelines
The guide clarifies information related to client account information, payment transactions, due diligence and gaming activity. This includes whether an account is active or closed, the funds available in an account, IP addresses, usernames, and player details. In addition, remote gaming licensees should also include information pertaining to withdrawals, deposits, unusual amounts of deposits, payment methods, credit card information and third-party details.
About the Financial Intelligence Analysis Unit
Since its implementation in 2002, the FIAU has worked towards preventing money laundering as well as the finding of illegal organisations through the gathering, organising, handling and analysis of related information.
The Financial Intelligence Analysis Unit (FIAU) Malta issued a guidance note on suspicious transaction reports (STRs) on the 4th April 2019. The memo acts as a guide on the necessary data required by remote gaming licensees when submitting information on any dubious dealings that may arise.
The guide was issued in order to regulate and optimise the information received by the FIAU in order for the unit to complete its operations and to assist remote gaming licensees in understanding the correct data required when filling in an STR. This is of utmost importance as the information in the report assists the FIAU in following up on criminal activity relating to funding of terrorism or money laundering.
By issuing the note, the FIAU seeks to make the whole process more efficient so that the remote gaming licensees will be able to provide all the necessary information to the FIAU without any additional communication back and forth. It also aims to determine that the FIAU receives the information as soon as fraudulent activity is detected.
STR Guidelines
The guide clarifies information related to client account information, payment transactions, due diligence and gaming activity. This includes whether an account is active or closed, the funds available in an account, IP addresses, usernames, and player details. In addition, remote gaming licensees should also include information pertaining to withdrawals, deposits, unusual amounts of deposits, payment methods, credit card information and third-party details.
About the Financial Intelligence Analysis Unit
Since its implementation in 2002, the FIAU has worked towards preventing money laundering as well as the finding of illegal organisations through the gathering, organising, handling and analysis of related information.