The outcomes of the first PwC Europe, Middle East and Asia (EMEA) anti-money laundering (AML) Survey carried out earlier this year bring into focus the evolution of AML-related risk and regulation and the effectiveness of the relevant controls. In this sense, respondents emphasised the importance of “upskilling”, “screening” and “transaction monitoring” as the key AML controls.
Concurrently, the FIAU carried out a thematic review examining the understanding and awareness of AML/CFT matters in the remote gaming sector. Its results, published just one month prior to the EMEA AML Survey findings, also emphasised the importance of ongoing monitoring in the remote gaming sector, including transaction scrutiny - being one of the key measures which helps identify and address any unusual or suspicious activities.
It is evident that transaction monitoring plays a fundamental role in ensuring AML/CFT compliance. So how effective are remote gaming operators (RGOs) being in their transaction monitoring, and how is related data influencing their AML/CFT controls?
It is important to maintain familiarity with customer data, whilst also ensuring that the same data is accurate and valid, by ascertaining that the information on hand is updated.
PwC Malta’s Financial Crime Compliance Team can carry out one-off or periodic reviews on your transaction monitoring system, as well as optimise the calibration rules utilised by your system. We may also assess the quality of your data and help you understand that data, which is invaluable in ensuring the effectiveness of your AML/CFT framework.
