us

216.73.216.172

MGA to Introduce Detailed Player Protection Guidelines for Responsible Gambling

n-img-mga

Malta Gaming Authority is set to introduce player protection guidelines after being placed on the FATF’s grey list due to money laundering concerns.

Last week, a “closed consultation” was launched by the Malta Gaming Authority (MGA), which will cover “licensees’ obligations regarding their responsible gaming policies and procedures and the introduction of five markers of harm that must be considered by licensees when determining effective measures and processes to detect and address problem gambling.”

The consultation will follow a review of its player protection directive by “an expert in the field”, as well as Malta Gaming Authority research and its Responsible Gaming Unit’s work.

Till 14 October, MGA licensees will get the time for responding to the proposals which it contains. In addition to that, these licensees can make certain changes to the Malta Player Protection Directive. 

Only Malta Gaming Authority licensees may respond because the document is a closed consultation. Moreover, the gaming authority also reminded these licensees of the need of holding player funds as well as potential winnings.

Last month in the annual report, the MGA revealed that in 2021, it had cancelled merely seven licences. Furthermore, it did not issue any licence suspensions to anyone, down from 14 cancellations as well as three suspensions in 2020. Instead, more penalties have been issued by the regulator during the year. 

In the year 2021, the Financial Action Task Force placed Malta in “grey list” over jurisdictions that may not be efficient enough and have certain loopholes in financial crimes controls such as money laundeirng concerns. However, the country has been removed from the list earlier this year. 

Suggested Read: FCA Says Bankman-Fried FTX Cryptocurrency Exchange Not Regulated in the UK

Related Posts

News

Dutch online bank joins the queue of fines imposition drive of Europe for AML compliance failure, fined €2.6 million

Dutch online bank joins the queue of fines imposition drive of Europe for AML compliance failure, fined €2.6 million

Explore More

News

Safra Sarasin, private Swiss bank, fined, as they failed to stop laundering of illicit funds

Safra Sarasin, private Swiss bank, fined, as they failed to stop laundering of illicit funds

Explore More

News

JP Morgan agreed to pay $330 million to Malaysia to settle 1MDB case, additional $3 million implied in fines by Switzerland

JP Morgan agreed to pay $330 million to Malaysia to settle 1MDB case, additional $3 million implied in fines by Switzerland

Explore More

News

The Gambling Commission of the UK announced a £1 million fine on ProgressPlay Limited due to compliance failure

The Gambling Commission of the UK announced a £1 million fine on ProgressPlay Limited due to compliance failure

Explore More

News

UAE Central Bank hit Financial Firms with fines due to compliance failures

UAE Central Bank hit Financial Firms with fines due to compliance failures

Explore More

News

Rising Bank fraud and Money Mule Networks should be a national security threat, warns a UK-based Think Tank

Rising Bank fraud and Money Mule Networks should be a national security threat, warns a UK-based Think Tank

Explore More

News

Singapore Hits Law Firms With $200,000 in Fines Amid Ongoing AML Investigation

Singapore Hits Law Firms With $200,000 in Fines Amid Ongoing AML Investigation

Explore More

News

Dutch online bank joins the queue of fines imposition drive of Europe for AML compliance failure, fined €2.6 million

Dutch online bank joins the queue of fines imposition drive of Europe for AML compliance failure, fined €2.6 million

Explore More

News

Safra Sarasin, private Swiss bank, fined, as they failed to stop laundering of illicit funds

Safra Sarasin, private Swiss bank, fined, as they failed to stop laundering of illicit funds

Explore More

News

JP Morgan agreed to pay $330 million to Malaysia to settle 1MDB case, additional $3 million implied in fines by Switzerland

JP Morgan agreed to pay $330 million to Malaysia to settle 1MDB case, additional $3 million implied in fines by Switzerland

Explore More

News

The Gambling Commission of the UK announced a £1 million fine on ProgressPlay Limited due to compliance failure

The Gambling Commission of the UK announced a £1 million fine on ProgressPlay Limited due to compliance failure

Explore More

News

UAE Central Bank hit Financial Firms with fines due to compliance failures

UAE Central Bank hit Financial Firms with fines due to compliance failures

Explore More

News

Rising Bank fraud and Money Mule Networks should be a national security threat, warns a UK-based Think Tank

Rising Bank fraud and Money Mule Networks should be a national security threat, warns a UK-based Think Tank

Explore More

News

Singapore Hits Law Firms With $200,000 in Fines Amid Ongoing AML Investigation

Singapore Hits Law Firms With $200,000 in Fines Amid Ongoing AML Investigation

Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started