Financial services and remote gaming are two prominent pillars to Malta’s economy, but they also bring above-average risk of and exposure to financial crime. In fact, suspicious transaction reports (STRs) increased by 270% between 2017 and 2018.
Given the increased risks brought about by these industries, FIAU required a robust solution to assist them in gaining in-depth insights on the nature of these businesses, the financial risk profiles of the operators and the nature of transactions being carried out, with the aim of accelerating the detection and response-time to threats and potential vulnerabilities.
“Our partnership with FIAU has further increased our capability and knowledge to understand better the financial intelligence sector. It has helped us develop the ideal system to gauge sector & SPs risk across the country. CASPAR is the core infrastructure of the business, and it empowers FIAU with in-depth detail about each SPs and acts as a CRM with advanced risk and reporting functionality. The system removed manual processes, beefed up security, and provided in-depth analysis & reporting which was previously not possible. Needless to say, this is only possible due to strong teams & relationships available on both sides that we have built over the past couple of years.”