288 suspicious betting reports MGA publishes its Annual Report for 2020
A published Annual Report from The Malta Gaming Authority (MGA/Authority) shows audited financial statements for the financial year ending 31 December 2020
A published Annual Report from The Malta Gaming Authority (MGA/Authority) shows audited financial statements for the financial year termination 31 Dec 2020. Highlights of the major projects and performances with an overview of piece of work undertaken past the Authority throughout the yr showcased the Maltese cat gaming manufacture during 2020. The regulator's report also explains the Florida key features for the online gaming sector during the Covid-19 pandemic.
“The year 2020 will doubtless live remembered for the challenges the pandemic presented us with,” says CEO, Dr Carl Brincat. “I am proud of the Authority’s employees who worked tirelessly to ensure that we continued to do the functions required of us past law. Keeping the ship calm during a thought-provoking twelvemonth serves as a warm substructure for us to appear in front with renewed commitment, to hold building on the positives and improve on our shortcomings, to reach new heights inwards our regulatory approach.”
Key highlights from the Annual Report in 2020:
A add together of 288 suspicious betting reports from licensees and other concerned parties were received; inward add-on to this, 168 requests for entropy relating specifically to the use of sports competitions or breaches inward sports rules were submitted past sports governing bodies, integrity units, enforcement agencies and other regulatory bodies.
The Authority sent inwards 47 international cooperation requests and received 67, with the boilers suit majority referring to requests for desktop checks as parting of an authorisation process.
According to the Fit & Proper Committee, octad individuals and companies were deemed not to live upwardly to the Authority’s probity standards. This decision was on the fundament of money laundering and funding of terrorism.
Following information which emerged 'tween Jan and December 2020, from compliance audits, compliance reviews, and formal investigations, 69 warnings were issued with three suspended licences and a farther 12 cancelled. In total, 24 administrative penalties were issued by the MGA.
The Authority was a direct participant inward 20 different investigations in the full stop of review, relating to use of sports competitions or breaches inward sports rules.
The Commissioner for Voluntary Organisations worked with the MGA to ensure any entity applying for a non-profit game is only if issued with a allow if registered and a compliant voluntary organisation.
The Compliance and AML operate conducted 30 compliance audits: 324 desktop reviews were carried out, with 98 identifying insufficiency. These cases were escalated to the Compliance and Enforcement Committee.