Tumas Group Accused in Money laundering & Terror Financing

Posted on 04/26/2023

Broader Topic: Tumas Group
Sentiment: Negative
Post # 7467 posted in:
Rant & Rave - Business - Hospitality
Location: Birkirkara, Malta, Europe

Tumas Group, a well-known name in the land-based casino industry in Malta, has recently found itself in hot water. The Malta Financial Intelligence Analysis Unit (FIAU) has fined the company for regulatory breaches, highlighting serious concerns about the group's compliance with anti-money laundering (AML) regulations and other financial regulations.

Tumas Gaming of Tumas Group, which operates the Portomaso Casino and the Oracle Casino in Malta, is a prominent player in the Maltese casino market. With a reputation for luxury and sophistication, the group has been a favorite among local and international gamblers alike. However, the recent regulatory fines have raised eyebrows and shed light on potential gaps in the company's compliance processes.

The FIAU, which is responsible for monitoring and enforcing AML regulations in Malta, conducted an investigation into Tumas Group's operations and found several breaches. The breaches included failures in customer due diligence (CDD), transaction monitoring, record-keeping, and reporting of suspicious transactions. The FIAU concluded that Tumas Group had not implemented effective AML procedures and controls, which are crucial in preventing money laundering and terrorist financing.

As a result of these findings, Tumas Group has been slapped with a hefty fine by the FIAU. The amount of the fine has not been disclosed publicly, but it is reported to be a significant sum. This fine serves as a clear message from the regulatory authorities in Malta that non-compliance with AML regulations will not be tolerated, regardless of the size or reputation of the company.

The regulatory breaches committed by Tumas Group are not to be taken lightly. Money laundering and terrorist financing pose serious threats to the integrity of the financial system and can have severe consequences, including funding illegal activities and undermining the stability of the economy. It is the responsibility of businesses, including casinos, to implement robust AML measures to prevent such activities and ensure compliance with regulatory requirements.

Tumas Group has stated that it takes the regulatory findings seriously and is committed to addressing the issues raised by the FIAU. The company has pledged to strengthen its AML procedures and controls to prevent any further breaches in the future. It has also expressed its cooperation with the FIAU and other regulatory authorities to rectify the shortcomings identified during the investigation.

The regulatory fines on Tumas Group highlight the importance of strict compliance with AML regulations in the casino industry, which is particularly vulnerable to money laundering due to the large volumes of cash involved in gambling transactions. It also underscores the need for continuous monitoring and improvement of AML processes and controls by businesses to stay compliant with regulatory requirements and safeguard their reputation.

The Tumas Group's regulatory breach is not an isolated incident in the casino industry. In recent years, there have been several cases of fines and penalties imposed on casinos and other gambling operators for AML violations in various jurisdictions worldwide. This trend highlights the increased scrutiny of the gambling industry by regulatory authorities and the growing emphasis on AML compliance.

The regulatory fines imposed on Tumas Gaming Limited should serve as a wake-up call for other operators in the casino industry and beyond. It is imperative for businesses to have robust AML measures in place, including thorough customer due diligence, transaction monitoring, record-keeping, and reporting of suspicious transactions. Training and awareness programs for employees, regular risk assessments, and audits are also essential to ensure compliance with AML regulations and prevent regulatory breaches.

Research by OffshoreAlert in the Malta Business Registry showed that Tumas Gaming Limited was incorporated in Malta on March 24th, 1998, its directors are Emmanuel Fenech, Raymond Fenech, and Ray Sladden, all of Malta, its former directors include Yorgen Fenech, who resigned effective November 12th, 2019, and its shareholders are Tumas Group Company Limited and Tumas Group Management Company Limited, both of Malta. Tumas Group Company Limited’s directors are Emmanuel Fenech, Franco Fenech, and Raymond Fenech and its shareholders are Yorgen Fenech, TGI Limited, of Malta; Anna Fenech, Carmen Fenech, Franco Fenech, Josephine Fenech, Moira Fenech, Patricia Fenech, and Raymond Fenech, and Tumas Group Management Company Limited’s directors are Emmanuel Fenech and Raymond Fenech and its shareholders are Spinola Investments Ltd. and Tumas Group Company Limited, both of Malta.

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