Suspicious transactions reported by gaming operators rise in Q1

The number of suspicious transaction reports submitted by gaming operators has jumped by 1.5 per cent year-on-year in the first three months of this year to a total of 362 reports, according to data provided by the Financial Intelligence Office (GIF).

The uptick goes against the 36 per cent drop in transactions submitted by the gaming sector last year, as a total of 1,215 reports were filed.

The GIF underlined previously that the Covid-19 pandemic impacted the public and private sectors ability to fulfil Anti-Money Laundering/Combating the Financing of Terrorism obligations due to isolation and social distancing measures imposed all over the world.

The total number of suspicious transaction reports (STRs) received by GIF during the first half of 2020 dropped by 31.2 per cent to some 947, of which almost half came from gaming operators.

Between January and March of this year, the number of STRs saw an 8 per cent rise to some 654, mainly due to the increase in the number of STRs reported by the ‘other institutions’ category, which reported a considerable 39 per cent jump to 96 reports.

Still, reports by gaming operators still represented 55 per cent of the total during the same period.