Malta’s financial watchdog hits operator with €386k fine for AML/CFT law breaches

Malta's Financial Intelligence Analysis Unit (FIAU) has fined local operator Online Amusement Solution Ltd more than €386,000 for breaching anti-money laundering rules, it has announced.

The Birkirkara-based operator is licensed by the Malta Gaming Authority, and owns a number of betting sites, including Champions Bet, Tip Bet, and Bet 14.

According to an official notice by the FIAU, the company breached 14 different sub-regulations relating to AML and CFT (anti-money laundering and counter funding of terrorism) requirements, including those relating to conducting basic customer risk assessments.

Of 31 player profiles reviewed by officials during an onsite inspection in 2019, Customer Risk Assessments were said to have been conducted on only five.

In these cases, the FIAU stated that these were players of another licensed Maltese entity which was using the Hellenic Authorisation held by Online Amusement Solution.

The company is also said to have failed in its due diligence obligations. Although it reported that tax return statements had been requested from players exceeding the mandatory €2,000 deposit threshold, 80 per cent of these requests went unanswered.

However, the accounts of these players remained open beyond the 30-day timeframe that players are expected to be given to submit the required documentation.

Online Amusement Solution has as its registered director, owner, legal representative, judicial representative and secretary Greek national Thomas Platsatouras.

The full breadth of infringements reported by the FIAU can be found online.