MGA reveals seven operator licences were revoked in 2021
Maltese regulator also highlights licence application rejections based on AML and terrorism-related failings
The Malta Gaming Authority (MGA) cancelled seven operator licences, issued 31 penalties and made three regulatory settlements in 2021.
The collective financial penalties issued by the regulator were recorded at €176,016 (£152,799). The MGA also issued 64 warnings in the year as well.
The MGA revealed this information in its annual report, which details its efforts to combat improper activity from gambling operators.
The regulator also noted that 10 licensees were subject to enforcement action by the Financial Intelligence Analysis Unit (FIAU), which ranged from administrative penalties based on previous MGA investigations, totalling €863,000.
The MGA remarked that 13 individuals and companies failed to meet the standards of its Fit and Proper Committee, citing both the risks of money laundering and the funding of terrorism as critical failures.
Additionally, 54 on-site and 230 desktop audits were done concerning compliance, accounting for 65.5% of Malta’s licensees.
Over 1,150 criminal probity screening checks also took place on individuals, shareholders, beneficial owners and other employees, and companies from land-based and online gaming sectors.
The Commercial Communication Committee of the MGA issued a total of 21 letters relating to breaches, of which 13 gaming operators were found to be in violation of the island’s commercial communications regulations.
The regulator also investigated 79 cases of websites displaying misleading information to the MGA, and it published 61 notices to help prevent the public from falling victim of a scam. There were also 26 responsible gambling checks conducted in 2021.
Dr Carl Brincat, CEO of the MGA, said: “As an organisation, beyond continuing to ensure that we meet our day-to-day objectives, we used 2021 to start laying the groundwork for improvements that we will see in the months and years to come.
“It is a priority for us to move towards leaner and more efficient processes, to remove unnecessary bureaucracy which introduces burdens on the industry without providing added value, and to become more effective in achieving our regulatory priorities.”
Malta went through a tumultuous time in 2021 as it was added to the Financial Action Task Force’s (FATF) grey list in June 2021 after the global anti-money laundering body discovered shortcomings around fighting tax evasion and the listing of ultimate beneficiary owners.
It was the first time a European nation had been added to the grey list.
In June 2022, the FATF removed Malta from the grey list after it completed several steps of its action plan to combat money laundering.
A day later, fellow Mediterranean igaming hub Gibraltar was added to the grey list.