SBC News Voice of the Sports Betting Industry
The Malta Gaming Authority (MGA) has highlighted the performance of Maltese land-based and online gaming industries in 2023.
Publishing its Annual Report and audited Financial Statements up to 31 December, an overview of the Authority’s accomplishments was detailed whilst offering a medium-term outlook for the future.
MGA CEO, Charles Mizzi, commented: “It is not a coincidence that the theme for the Annual Report is ‘sustainability’.
“The MGA’s ability to strike the right balance between allowing the industry to thrive and grow in a sustainable manner, while also protecting consumers, is key to Malta’s continued success.”
Overall, 2023 saw the authority issue 28 warnings, suspend nine licences and cancel 11 licences. Furthermore, the MGA issued a total of 19 administrative penalties and one regulatory settlement, which amount to a total financial penalty of €172,900.
Meanwhile, 28 AML/CFT Compliance Examinations were carried out; 13 were carried out by MGA and 15 by FIAU.
During the same period, the FIAU imposed remediation and/or administrative penalties on seven licensees, based on violations discovered during examinations carried out in previous years, which amounted to €994,000.
To further strengthen its AML standards, the MGA and FIAU together produced a total of 38 interviews in 2023 with Money Laundering Reporting Officers (MLROs), assessing their competence and understanding of Malta’s AML/CFT legal framework.
The results brought back a “solid grasp of essential protections”, such as risk profiling, KYC checks and awareness of general threats. However, there was still room for improvement when it came to administrative duties and specific AML risks.
Additionally, the government in Malta started 2024 off by expressing satisfaction with a list of achievements it managed to tick off regarding money laundering and terrorist financing vulnerabilities.
This was made necessary in 2021 after Malta was put under ‘enhanced monitoring’ by MONEYVAL and the Financial Action Task Force (FATF) due to financial risks.
Back to the report, during 2023, the MGA received 24 applications for new gaming licences and issued 15 licences. A total of 13 applications were either rejected or withdrawn.
Highlighted in the report was the Authority’s efforts to safeguard players and promote responsible gambling, assisting a total of 4,483 players who requested help (including spill-over from 2022).
More on this, 72 responsible gambling themed website checks were carried out, and 41 observation letters were issued to licensees outlining the responsible gambling issues and identifying areas of improvement.
The Authority also examines the financial standing of its licensees and in 2023, 2,059 Player Funds Reports were received and 24 player data extractions were carried out.
Significantly, the year also saw the Authority publish its voluntary ESG Code of Good Practice for the Remote Gaming Sector.
The report also delved into National and International Cooperation, with 255 suspicious betting reports received from licensees and other interested parties over the period.
The Authority collaborated with enforcement agencies, sports governing bodies, integrity units, and other regulatory authorities on 34 requests for information in relation to the manipulation of sporting events or violations of sporting regulations.
The full report is available here.
