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Number of suspicious igaming transaction have doubled in Malta
According to Malta’s Financial Intelligence Analysis Unit, the number of suspicious transaction reports from remote operators in Malta has doubled in 2019.
In 2019 alone, there was a significant increase in the number of reports compared to the previous year. The increase was of 106.4% on the 700 reports of the previous year, with an apparent additional 741 reports in the the first five months of 2020. This makes 2020 the fifth consecutive year to see an increase in the number of suspicious transaction reports.
The Financial Intelligence Analysis Unit also stated that the main reasons for these reports were the following:
- 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.
- Customer failing to provide details and documentation on request
- Identification and verification process and documentation issues
- Adverse media
- Involvement with high-risk jurisdictions
- Some were listed as fraud; some for forgery, theft, robbery or tax crimes, and some related to illegal gambling
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