MGA Issues 10 Warnings and Revokes 6 Licenses of Gaming Operators

MGA issued ten warnings and revoked six gambling licences in 2022. According to the report, the MGA imposed 16 administrative penalties and reached three regulatory settlements, resulting in a total fine of $191,907.

The Malta Gaming Authority (MGA) conducted 228 desktop evaluations and  28 compliance audits in 2022. In addition to evaluations,  Anti-Money Laundering (AML) and Countering Terrorism Financing (CTF) checks were performed on behalf of the MGA and by the Financial Intelligence Analysis Unit (FIAU).

The Fit and Proper Committee deemed six individuals and firms ineligible over suspicions of terrorist financing or money laundering. The audit also revealed that the FIAU took remedial and administrative actions against 25 licensees, ranging from written reprimands to administrative fines, totalling over $790,336.

In 2022, the MGA received 41 gaming license applications, 31 of which were approved and 21 were rejected. The MGA not only invited new licensees but also prioritised player safety and responsible gaming. The regulator offered aid to 5,280 players and performed 85 reliable gaming-related website checks that revealed 38 URLs with deceptive material. To address gaming issues, several notices were posted on the MGA site, and observation letters were also issued.

Carl Brincat, CEO of MGA, expressed his satisfaction about the report, stressing the need for joint efforts to ensure a secure and sustainable gaming sector. Brincat also praised the regulator’s dedication to keeping up with emerging trends and challenges, working tirelessly to build firm bases that foster trust and safeguard susceptible individuals.

Suggested Reads: 

Bermuda Monetary Authority Tightens AML Control as Threat of Money Laundering Increases

Crypto Exchange BKEX Freezes Withdrawals Under Money Laundering Investigation

Hong Kong Launches Meta Verse to Combat Crypto Crime