The FIAU concluded that Glitnor’s customer risk assessment efforts were deficient.
A week after Malta’s Gaming Authority confirmed the cancellation of MKC Limited’s license, the island nation’s Financial Intelligence Analysis Unit (FIAU) slapped Glitnor Group, an iGaming business group, with a fine. The financial penalty followed serious breaches on the company’s side.
Glitnor Group, which is based in Malta, had its Glitnor Services B2C division probed by the FIAU in 2019. The unit uncovered serious breaches showing that the company failed to verify the sources of income of many players.
Since the operator did not check the income sources of a number of players, it effectively breached the local AML and social responsibility rules. In Malta, operators have to provide assessment reports when a transfer exceeds €2,000.
A week after Malta’s Gaming Authority confirmed the cancellation of MKC Limited’s license, the island nation’s Financial Intelligence Analysis Unit (FIAU) slapped Glitnor Group, an iGaming business group, with a fine. The financial penalty followed serious breaches on the company’s side.
Glitnor Group, which is based in Malta, had its Glitnor Services B2C division probed by the FIAU in 2019. The unit uncovered serious breaches showing that the company failed to verify the sources of income of many players.
Since the operator did not check the income sources of a number of players, it effectively breached the local AML and social responsibility rules. In Malta, operators have to provide assessment reports when a transfer exceeds €2,000.