MGA Issues New License Update for iGaming Operators

The Malta Gaming Authority (MGA) announced on February 20, 2024, that it will be introducing a new license update for iGaming operators. This update is part of the MGA's ongoing efforts to enhance regulatory oversight and ensure compliance with EU anti-money laundering (AML) standards.

Key Updates

• Enhanced AML protocols: Operators must implement more stringent AML measures, including improved customer due diligence and ongoing monitoring.
• Increased transparency: Operators are required to provide regular reporting on their AML activities and suspicious transaction reports.
• Compliance with EU standards: The MGA aims to ensure that iGaming operators in Malta comply with EU AML directives, including the 5th Anti-Money Laundering Directive (AMLD5).

The new license update is expected to impact approximately 300 iGaming operators licensed by the MGA, with estimated compliance costs ranging from €10,000 to €50,000 per operator. The MGA has set a deadline of June 30, 2024, for operators to implement the required changes.

According to the MGA's CEO, 'This update is a significant step forward in our efforts to strengthen regulatory oversight and ensure compliance with EU standards. We expect operators to take the necessary steps to implement these changes and maintain the highest standards of integrity and transparency.' The MGA has also announced plans to conduct regular audits to ensure compliance with the new requirements.

In comparison to other major iGaming regulators, such as the UK Gambling Commission (UKGC), the MGA's new license update is seen as a more comprehensive approach to AML regulation. The UKGC has also introduced AML updates, but these have been more focused on specific aspects, such as customer identification and verification.