On the 2nd of June 2023, the Malta Gaming Authority (the “MGA” or “Authority”) issued the Annual Report and Audited Financial Statements for the year ending December 2022. This report highlights the endeavours conducted throughout 2022.
The Authority reports that it conducted almost thirty (30) compliance audits along with many desktop reviews. This was in cooperation with the Financial Intelligence Analysis Unit (“FIAU”) in relation with investigations on Anti-Money Laundering/Counter-Financing of Terrorism (“AML/CFT”). The MGA also streamlined the approval process of the Money Laundering Reporting Officer with that of the FIAU.
The audits led to the issuance of ten (10) warnings, six (6) cancellations of licenses, sixteen (16) administrative penalties and three (3) regulatory settlements. Six (6) individuals and companies were issued administrative or remediation measures.
Furthermore, the MGA conducted several investigations regarding commercial communications, responsible gaming, and issued letters to licensees which were providing misleading information on their websites.
Following several consultative meetings, the Authority amended the Player Protection Directive and issued a policy on the use of Innovative Technology Arrangements and the acceptance of Virtual Financial Assets and Virtual Tokens.
Along with this, the Authority cooperated with several of its international counterparts. It also started several projects to be continued in 2023, which include the Concept of Agreed-Upon Procedures Reports and the possible implementation of a voluntary Environmental, Social and Governance Code of Good Practice.
The full report can be found here.
For more information on the MGA and the Maltese gaming licensing regime, feel free to contact us here.
