Glitnor Group faces hefty fine from Malta's FIAU over anti-money laundering shortcomings
Malta's Financial Intelligence Analysis Unit (FIAU) has levied a €236,789 fine against Glitnor Group for significant breaches of anti-money laundering and counter-terrorist financing regulations
The Financial Intelligence Analysis Unit (FIAU) of Malta has imposed a €236,789 fine on Glitnor Group, the operator of Lucky Casino, for numerous violations of anti-money laundering and counter-terrorist financing (AML/CTF) regulations.
The penalty comes after a 2019 review revealed Glitnor was in violation of 10 provisions of the country's Prevention of Money Laundering and Funding of Terrorism Regulations (PMLFTR).
The FIAU criticized Glitnor for failing to align its gaming activities with customer funding capabilities, along with lack of due diligence and adequate transaction monitoring.
Despite the company's disagreement with the findings and their intent to appeal, the FIAU maintains that Glitnor has not given due regard to its AML/CTF obligations.