A remote gaming operator has been fined €53,000 for a number of anti-money laundering breaches.

The Financial Intelligence Analysis Unit (FIAU) found during a 2020 compliance visit that MTSecureTrade Limited failed to collect information such as the players’ occupation and source of wealth in 30 per cent of the company files it reviewed.

MTSecureTrade has since surrendered its gaming licence.

Insufficient transaction monitoring was noted in 70 per cent of the files subject to the FIAU’s review.

The FIAU said MTSecureTrade also failed to assign risk ratings to its players in a timely manner.

Furthermore, inadequate risk ratings were found to have been assigned in 40 per cent of the files reviewed.

The FIAU said MTSecureTrade also failed to assign risk ratings to its players in a timely manner

In one example flagged by the FIAU, a player was deposited €42,000 through pre-paid cards over an eight-month period.

During the same time frame, the player withdrew €12,000 to one of his prepaid cards and bank account.

The FIAU said pre-paid cards increase the element of risk since they can be bought using cash and since no checks are carried out on the party purchasing said cards. It said the payment methods used by this player confuse the financial trail and allow the player to operate with a certain level of anonymity.

In view of this, the FIAU concluded that the player should have been assigned a higher risk rating and adequate enhanced due diligence measures should have been applied.

The FIAU’s ability to impose fines has been successfully challenged in court on numerous instances this year.

The courts have consistently ruled that the fines meted out by the FIAU breach constitutional safeguards guaranteeing a fair hearing.

A total of €2.2 million worth of fines were imposed by the Financial Intelligence Analysis Unit during the first half of 2023.