Due diligence as a fraud prevention strategy in the Maltese gaming industry

Abstract

Purpose: The purpose of this research study is to evaluate the implementation of customer due diligence (CDD) policies and practices within the Maltese gaming industry. The study focuses mainly on the significance of the aforementioned procedures, in order to safeguard the organization from risks while maintaining the jurisdiction’s good reputation. Special consideration was also given to any consequences and repercussions which might arise due to lack of compliance.

Design: The objectives of this dissertation were achieved via semi-structured interviews with individuals who are conversant with the issues pertaining to risk-management and compliance.

Findings: The results of this dissertation highlight the fact that both the basic mandatory due diligence procedures and those which are discretional, are crucial in achieving an effective risk-management.

Conclusions: The due diligence practices in Malta are of a good standard thanks to the jurisdiction’s good reputation and stable regulatory framework. Minor challenges are encountered by most companies and will hopefully be addressed in the near future.

Value: Hopefully this dissertation will help academics to identify the need for further research, especially with respect to the challenges being encountered in terms of risk mitigation by the gaming industry here in Malta.