{"id":6595,"date":"2023-06-29T00:00:00","date_gmt":"2023-06-29T00:00:00","guid":{"rendered":"https:\/\/www.mundovideo.com.co\/en\/europe\/malta-based-igaming-company-glitnor-services-limited-has-been-handed-a-fine-of-e236789-by-the-fiau\/"},"modified":"2023-06-29T00:00:00","modified_gmt":"2023-06-29T00:00:00","slug":"malta-based-igaming-company-glitnor-services-limited-has-been-handed-a-fine-of-e236789-by-the-fiau","status":"publish","type":"europe","link":"https:\/\/www.mundovideo.com.co\/en\/europe\/malta-based-igaming-company-glitnor-services-limited-has-been-handed-a-fine-of-e236789-by-the-fiau\/","title":{"rendered":"Malta-based iGaming company Glitnor Services Limited has been handed a fine of \u20ac236,789 by the FIAU."},"content":{"rendered":"<p><span style=\"font-family:Times New Roman,serif\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\">Upon conducting a revision of the company&rsquo;s operations, the FIAU determined that Glitnor had not carried out the necessary risk assessments related to its operations. Furthermore, the company failed to provide risk assessment reports, even when client transfers exceeded the &euro;2,000 threshold.<\/span><\/span><\/span><\/p>\n<p><span style=\"font-family:Times New Roman,serif\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\">Among the infractions, Glitnor admitted to neglecting to acquire proof of identity and residence for three clients within the legally required 30 days. The company pledged that such failings will not recur and stated it has implemented automatic notifications for client deposits or withdrawals amounting to &euro;2,000.<\/span><\/span><\/span><\/p>\n<p><span style=\"font-family:Times New Roman,serif\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:x-large\">The FIAU noted that in 80% of the cases, Glitnor did not check whether the players were politically exposed persons. These multiple operational and regulatory failings culminated in the imposition of a &euro;236,789 fine.<\/span><\/span><\/span><\/p>\n<p>&nbsp;<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.mundovideo.com.co\/assets\/international\/malta-based-igaming-company-glitnor-services-limited-has-been-handed-a-fine-of-e236-789-by-the-fiau2.jpg\" style=\"width:100%\" \/><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-family:Times New Roman,serif\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\">However, the FIAU also identified that the company managed eight medium-risk players without obtaining direct information regarding their income sources. Moreover, the company did not scrutinise seven other players and failed to ensure the legality of their funds&rsquo; origins.<\/span><\/span><\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-family:Times New Roman,serif\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:x-large\"><strong>Some cases <\/strong><\/span><\/span><\/span><\/p>\n<p><span style=\"font-family:Times New Roman,serif\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\">In one instance, a new client deposited over &euro;3,000 through 38 transactions across nine days, including &euro;800 in two consecutive days. Despite this suspicious behaviour, Glitnor did not supervise the client for the following six months, during which the client deposited &euro;35,000, withdrew &euro;25,000, and thus lost &euro;10,000 over eight months.<\/span><\/span><\/span><\/p>\n<p><span style=\"font-family:Times New Roman,serif\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\">Over a 13-month period, another client deposited &euro;61,942 and lost &euro;12,040. However, Glitnor did not check the source of this client&rsquo;s funds. Another client deposited &euro;12,100 through pre-paid cards over three months and did not withdraw any winnings, and yet no assessment was made by the company.<\/span><\/span><\/span><\/p>\n<p><span style=\"font-family:Times New Roman,serif\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:x-large\">Financial Intelligence Analysis Unit (FIAU) found serious operational shortcomings. <\/span><\/span><span style=\"font-family:Arial,serif\"><span style=\"font-size:x-large\">The violations included failing to check the source of income of a significant number of players.<\/span><\/span><\/span><\/p>\n<p><span style=\"font-family:Times New Roman,serif\"><span style=\"font-family:Arial,serif\"><span style=\"font-size:large\">Furthermore, a player from a non-EU country deposited &euro;18,867 over two months using pre-paid cards and an e-wallet. Despite his location and substantial losses of &euro;9,923, no source of income analysis was conducted.<\/span><\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The FIAU noted that in 80% of the cases, Glitnor did not check whether the players were politically exposed persons<\/p>\n","protected":false},"author":1,"featured_media":6596,"menu_order":346,"comment_status":"open","ping_status":"open","template":"","format":"standard","meta":{"inline_featured_image":false,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[],"tags":[3809,3810,3811],"class_list":["post-6595","europe","type-europe","status-publish","format-standard","has-post-thumbnail","tag-glitner","tag-malta-fined-online-company","tag-online-malta","entry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.6 - 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