In the ever-evolving landscape of regulated industries, regulatory frameworks play a crucial role in ensuring integrity, security, positive brand reputation and sustainable growth.

Technical tools and services support stakeholders in ensuring compliance with legal obligations, implementing best practice approaches and so are crucial elements to a company’s holistic approach towards the fulfilment of regulatory requirements and the implementation sustainable risk management procedures.

In 2024, compliance is a standalone value.

Malta’s recently published 2023 National Risk Assessment and its updated recommendations for enhancing AML/CFT measures have, another time, pointed out the importance of a comprehensive strategy for compliance and risk management and also provide insights of the risks inherent in the business operations within, i.a., the gaming, corporate and financial services industries.

MGT are committed to supporting companies in their journey towards enhanced compliance and offers a suite of products for AML/CFT compliance, including KYC solutions, transaction monitoring, and payment processing and are specialised on multi-jurisdictional compliance solutions.

Here’s how MGT products can help your business implementing the recommendations of Malta’s 2023 National Risk Assessment.

The MGT platform offers you a wide range of KYC products, transaction monitoring and stationary payment processing via just one API.

• Aligning customer risk assessments with the company’s business risk assessment: the recommendation to strengthen the alignment between the mitigation of operational risks in the daily course of business with the overall risk management strategy of a subject person is one of the core points of the NRA 2023.  The MGT 360 Dashboard-solution allows to easier synchronize the rulesets and findings of operational and strategic risk management and provides a comprehensive overview of risk rating, risk assessment criteria and potential vulnerabilities, in line with the subject person’s defined risk appetite. It is a universal dashboard with all data and KPIs in one view, offering unlimited rules and roles.
• Enhancing CDD monitoring measures: the call for increasing the level of scrutiny for both identity verification and transactions is another cornerstone of the NRA 2023’s recommendations. Especially for online-dedicated businesses, the typologies of identity fraud and attempts for services to utilized for the purposes of ML and FT are diverse and cannot be tackled sustainably without flexible rulesets. MGT 360 Dashboard enables, due to its high configurability and smart process design, the operations teams to effectively identify conspicuities and react duly and diligently, via a market-proven alert system and criteria. MGT furthermore provides FastIdent, offering KYC methods which are suitable for various jurisdictions.
• Detecting and addressing weaknesses in the AML/CFT framework as implemented: the constant review and reflection of measures and mechanism deployed for fraud detection and prevention of ML and FT are a must for companies wanting to not only abide by the legal requirements but be a spearhead of straight-forward risk management and so protecting the business from harm due inflicted by external wrongdoers. MGT 360 Dashboard and MGT PowerComply provide not only for data-driven monitoring of systems already configured and implemented, but also allow for a review of the systems itself and its strategies (and, if applicable, strategic deficiencies). At PowerComply, MGT works with international operators to help them automate their transaction monitoring to detect suspicious activity in real time or batch to minimize the risk of compliant breaches.

MGT (part of Chevron Group) offers technical compliance solutions which are designed to meet the requirements of applicable legislation in almost all European markets and provide state-of-the-art solutions for compliance challenges throughout the gaming and AML regulatory framework within the EU and beyond.

Contact MGT’s Merve Simsek (merve@chevron.group) for a demo and visit Chevron Group and MGT websites for more information. Follow us on LinkedIn for industry related news.

Quelle: Chevron Group / Meremus German Technologies (MGT) GmbH