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Malta Gaming Authority (MGA) updates requirements for Key Functions positions, Integrity and Auditing

Malta Gaming Authority (MGA) updates requirements for Key Functions positions, Integrity and Auditing

NetShop ISP

NetShop ISP · Blog Author

Oct 21, 2021 · iGaming

The Malta Gaming Authority (MGA) has announced a series of amendments to its key functions requirements related to the following:

  • The overall number of key function roles and their underlying responsibilities;
  • The deadlines by when certain key function requirements are to be observed;
  • The persons who shall shoulder responsibility in the absence of duly appointed key function holders;
  • The manner and form in which declarations and assurances are to be made by auditors on behalf of licensees during submission of audited financial statements; and
  • The applicability of suspicious betting reporting requirements.

Effective on 20th of October 2021, new licence applicants must inform the authority of the identity of persons at the company who hold the role of CEO, compliance executive and AML executive, at the time of the application’s submission. Then, within a time frame of six months since the license has been granted, applicants must name the remaining of their ‘key function’ holders.

This update also relates to suspicious betting and auditing checks. Operators holding the ‘Critical Gaming Supplier’ license have to report any suspicious betting on sporting events to the Authority; same standard and policy that the B2C providers follow.

Finally, in regards to Player accounts, the new requirements outline that operators must prove to the Malta Gaming Authority that they have the capability to verify each player account and every activity conducted by any player account registered in the system.

Read the official announcement here.

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