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.