Malta Gaming Authority making rule changes for casino providers

Did you know that Malta is huge when it comes to online gambling? This is a hobby that a lot of people enjoy, being able to play their favorite casino games without leaving the house.  You are able to bet real money and there are a range of online websites you can choose from to play with.

Recently, new rules and regulations have been announced concerning online gambling in Malta. Whether you like to play games or you want to operate an online casino within the country, it is important to understand what they are. This way, you can get the full picture when it comes to gambling in Malta. Let’s take a look at the changes.

Malta making progress

Unfortunately, Malta has run into some problems with gambling in the past. For instance, in the last year, there were concerns voiced about financial crime and money laundering. Of course, this is not what online gambling is about and Malta wanted to take steps to move toward stopping this threat. In particular, they wanted to crackdown and eliminate these threats toward an industry that is thriving and very popular. There is no doubt that the economy in Malta relies on online gambling.

Everyone wants to make sure that online gambling remains fun and accessible for everyone over the legal age. This means that the Malta Gaming Authority have had to amend their rules to stamp out any threats to players and operations. Indeed, they have responded to the threats and made amendments to gambling rules for casino online operators. In particular, these changes can be realized in the Gaming Authorisations, as well as the Compliance Directive. In addition, the Malta Gaming Authority has decided to create a new policy, which is called Ongoing Competency Criteria for Key Persons.

The changes that most people will need to be aware of concern Key Function roles. In particular, these are for license holders. There are going to be eight Key Functions that a license holder must fulfill when it comes to their customers. This includes:

·                CEO

·                Key Compliance Office

·                Key rGaming Operations Manager

·                Key Legal Officer

·                Key AML/CFT Officer

·                Key Data Protection Officer

·                Key Technology Officer

·                Internal Audit Officer

In addition, the amendments are going to become more stringent in regards to the qualifications and experience those providers must meet. This includes requirements for ongoing professional development. This is a step-up from and it means that the Key Function holders will have to undergo regular training, as well as take part in public speaking and article writing.

It is going to be necessary for Key Persons to agree and follow the new rules by the end of May 2022. This is when the Malta Gaming Authority is going to make them mandatory. Their application must be submitted and this is going to be approved or rejected by September 2022. Therefore, if you are someone that runs an online casino, this is something that you are going to have to know about.