Guidance Note on Suspicious Transaction Reports Issued

FIAU seeks to optimise process when detecting criminal activity

In April 2019, the Financial Intelligence Analysis Unit (FIAU) Malta proposed a set of guidelines for the submitting of suspicious transaction reports (STRs). The note regulates the process for remote gaming licensees by providing a thorough guide on the information needed when submitting such reports. The objective is that the information provided by the licensees is clear and the need for back and forth communication is greatly reduced. 

As the information received in the reports is processed by the FIAU with the aim of combatting criminal activity such as money laundering and funding of terrorist organisations, the FIAU has stressed the importance of the guidance note and the objective of reducing the time spent between when the suspicious activity is noticed and when the STR is received.

Guidelines for STRs

The note issued by the FIAU guides remote gaming licensees on a number of factors ranging from usernames to IP addresses, from gaming activity to third-party details as week as transactions and payment methods.

The Financial Intelligence Analysis Unit

A national centre agency, the FIAU seeks to prevent money laundering and the funding of terrorism.