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MGA publishes 2018 Annual Report

Carl Saydon , Brand & Digital Marketing Manager |

29 July 2019

The Malta Gaming Authority has published its Annual Report and Financial Statements for the financial year ending 31 December 2018

 

The Annual Report provides an overview of the activities and work the Malta Gaming Authority (MGA) performed throughout the year. It also features a detailed overview of the performance of the Maltese gaming industry during 2018 as well as a medium-term outlook into the future.

 

Below is a summary of key factors to note from the 2018 Annual Report:

  • On the 1st August, the MGA implemented a new Gaming Act which introduced several new concepts including issuing of a Material Gaming Supply Certificate for non-critical services and the segmentation of the Key Official roles into various functions;
  • The MGA and the Financial Intelligence Analysis Unit (FIAU) jointly issued the Remote Gaming Implementing Procedures – Part II which interpret the technical obligations of remote gaming operators under the requirements set out in the Prevention of Money Laundering and Funding of Terrorism Regulations (PMLFTR) by providing comprehensive instructions on how to identify, mitigate, monitor and report AML/CFT exposure;
  • The Gaming Authority conducted a total of 33 AML/CFT full-scope examinations, issued 16 Notices of Reprimand and 73 Notices of Breach, suspended 4 licences and imposed 139 administrative fines for regulatory breaches. 2,000 criminal probity screenings deemed 63 individuals or companies to be unsuitable for a licence;
  • The Authority received 209 applications for a licence and issued 93 licences, with the remaining ones still going through the acceptance process. A total of 8 licence applications were rejected;
  • The industry consolidated its standing as the 3rd largest contributor to economic value added, generating almost 1/8 of the total, and directly employing around 6,800 employees which converts to 2.8% of total employment in the economy;
  • Guidelines on the establishment of a sandbox framework were launched in respect to licensees leveraging innovative technology arrangements (ITAs) within their technical infrastructure, or accepting Virtual Financial Assets (VFA) as a means of payment;
  • A player protection legal framework has been developed encompassing the Gaming Player Protection Regulations and the Player Protection Directive;
  • Licensed gaming operators become Subject Persons under the (PMLFTR).

 

Learn more about BDO's Remote Gaming Advisory services or get in touch with our dedicated team of iGaming Advisory Specialists today:

 

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