Suspicious transactions in remote gambling have increased to a great extent and almost become doubled after 2019. This has been revealed by Malta’s Financial Intelligence Analysis Unit (FIAU). It is an agency of the government of the Maltese.
According to FIAU, the total number of 1,445 indicates an increase of 106.4%, and this information is taken based on 700 reports which were recorded in the year 2018. But in May 2020, with the duration of the five months, 714 reports had been received.
It represents the fifth year of the increase, and it also has 22 reports going to be achieved soon. Three unnamed companies are under the supervision of STR, and they have the engagement with 46% of all the reports.
According to FIAU, the main concern is not explained yet regarding the transaction activity. 21% of STR failed to give the actual documentation of the customers, and others had issues with the verification and the identification.
Besides, 2% of the reports were dealing with the jurisdictions with a high risk, and 3% of them were related to the adverse media.
Surprisingly 46% of the transaction reports are filed as unknown, and 16 of them are filed as ‘other.’ Fraud has been listed as a possible offense, which comprises of 26% of STRs, 3% of the suspicious transaction reports are engaged with theft, robbery, forgery and tax crimes and 4% dealing with the illegal gambling.
Except for these, some of the issues are related to the operators. For instance, though some of the young players are declaring them as growing poker players, most of them are individuals spending huge money on betting. FIAU also claims that it is really daunting to establish customer funds illegally by hiding the known income sources.
A law enforcement inquiry is initiated to take action against online fraud. The activities of the customers become must be under the surveillance of the regulatory bodies.
Most of the clients deposit their money using the prepaid cards as the gaming partners from the remote. They join into the betting with non-European football. It is pathetic that most of the deposits are lost in these types of bets.