Suspicious igaming transactions double in Malta accoridng to 2019 FIAU report

Posted:: Dec 02, 2020 17:17 Category: Regulatory , Payments , Europe , Posted by Luke Scerri

Number of suspicious transaction reports from remote operators in Malta doubled in 2019 according to Malta’s Financial Intelligence Analaysis Unit

In 2019 there was a 106.4% increase on the 700 reports of the previous year, with an apparent additional 741 reports in the the first five months of 2020, making this the fifth consecutive year to see an increase in the number of STR’s (suspicious transaction reports). 

The Fiau also said that the main reson for these reports were:

  • Over a ‘concern over transaction’, with the latter saying that most of them had either unusually large deposits, complicated transactions and chargebacks, and general unexplained transaction activity.
  • Some were related to the customer failing to provide details and documentation on request
  • Some were filed for identification and verification process and documentation issues
  • Some due to adverse media
  • Some due to involvement with high-risk jurisdictions 
  • Some were listed as fraud; some for forgery, theft, robbery or tax crims, and some related to illegal gambling

In addition to these, the FIAU also published some case studies that demonstrated some of the previously mentioned issues, which can be found here

Originally reported by 

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