MGA reminds firms new Russia sanctions should trigger a fresh run of checks on customers

The Malta Gaming Authority (MGA), has issued a reminder to its licensees of the requirements surrounding monitoring and complying with sanctions, in light of the “intensifying state of affairs between Russia and the Ukraine.”

The referred to state of affairs, namely the Russian invasion of Ukraine, has seen a number of sanctions imposed on major Russian and Belarusian banks and businesspeople.

In this context, the MGA reminds licensees of their obligation to carry out sanctions screening prior to the onset of a business relationship and thereafter on a risk-sensitive basis.

Additionally, it points out, the issue of new or updated sanctions should be considered as a triggering event to run fresh checks on one’s customers.

Furthermore, licensees are also reminded of their obligation to stop any transaction from going through, freeze any assets and inform the Sanctions Monitoring Board (SMB) of any customers matching with the applicable sanctions lists.

Moreover, the authority stresses the importance that licensees ensure:

• That any systems used to monitor sanctions are being run in an effective and efficient manner;
• That they are informed with any updates regarding the Russia/Ukraine situation and, as a result, calibrate their sanctions monitoring systems in order to reflect any additions made to the applicable lists being monitored; and
• That they react swiftly in ensuring that their customer databases are subject to the most recently updated and applicable sanctions lists.

The MGA adds that licensees can continuously keep up-to-date with any sanctions and with any guidance, notices, decisions, recommendations, or rulings that may be issued by the SMB by visiting its website and by subscribing the its notification updates.