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Overview of the notice issued by the Malta Gaming Authority on the 14 February, 2023.

1. What is this Malta Gaming Authority (MGA) notice all about? The Malta Gaming Authority issued a notice on February 14, 2023, which serves as a reminder to all gaming industry entities in Malta that operating without a valid license is against the law and can result in consequences such as fines, license suspension or revocation, […]

Written By Stephen Balzan

On February 20, 2023
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1. What is this Malta Gaming Authority (MGA) notice all about?

The Malta Gaming Authority issued a notice on February 14, 2023, which serves as a reminder to all gaming industry entities in Malta that operating without a valid license is against the law and can result in consequences such as fines, license suspension or revocation, legal action, and criminal charges.

2. What is the MGA’s approach towards compliance and the gaming industry in Malta based on the notice?

The notice reflects the MGA’s strong commitment towards maintaining compliance and upholding the integrity of the gaming industry in Malta.

3. How has the MGA ensured the regulation and monitoring of the gaming industry in Malta?

To regulate and monitor the gaming industry in Malta, the MGA has invested heavily in resources like data intelligence and data analytics. The MGA has taken significant steps to improve its capabilities in identifying and addressing non-compliance with regulatory requirements.

4. What are the potential consequences of operating without a valid license according to the notice?

The consequences of non-compliance with licensing requirements include fines, license suspension or revocation, legal action, and criminal charges.

5. Is it possible for non-compliant entities to reduce their regulatory exposure?

Non-compliant entities are required to voluntarily report non-compliance by March 14, 2023.  The notice indicates that the MGA will take such voluntary action into account when issuing any regulatory sanction.

6. How can ACT assist in this respect?

ACT can assist by firstly conducting an initial assessment to determine if the activities being conducted require a license or authorization in Malta. ACT can also provide guidance on the potential consequences of non-compliance, and the steps required to achieve and maintain compliance. Additionally, with our expertise in regulatory compliance, ACT is well-equipped to facilitate effective communication and engagement with the MGA and other regulatory bodies, which can be essential to navigate regulatory matters in the gaming industry.

How can we help?  

 

For further information, please contact us on [email protected]. ACT can help you understand the changes to the income tax, accounting, corporate and VAT rules and how these can impact your business.   

 

Apart from its offices in St. Julian’s Malta, ACT operates from a second office in Gozo, which is situated in the capital city of Victoria.  For an appointment in our Gozo office, please call on +356 21378672 or send us an email on [email protected]. 

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Disclaimer: This article contains general information only and is not intended to address the circumstances of any particular individual or entity. ACT, by means of this article is not rendering any accounting, business, financial, investment, legal, tax, or other professional advice or service. This article is not a substitute for such professional advice, nor should it be used as a basis for any decision or action that may affect your finances or your business. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. Before making any decisions or before taking any action that may affect your finances or your business, you should consult a qualified professional adviser. ACT shall not be responsible for any loss whatsoever sustained by any person who relies on this article.  

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