Sunday, June 20, 2021
HomeNewsMGAFinancial Statements and Annual Report of MGA of 2019 Have Been Published

Financial Statements and Annual Report of MGA of 2019 Have Been Published

For the year 2019, ending on the 31st of December, the Financial Statement and Annual Report have published by the Malta Gaming Authority. This report is an overview of the performance and work of the regulators throughout the year. Additionally, the gaming industry’s performance summary is included in Malta during 2019 and shortly what to expect it.

Financial Statements and Annual Report of MGA of 2019

The annual report’s key highlights are the following.

  1. Eleven licenses have suspended and cancelled 14 appointments. 89 breach notice and 20 warnings have issued in the year 2019. Due to regulatory breaches, the Maltese operators have faced 23 administrative fines.
  2. The authority received a massive application for the gaming license, and the number is 89. Among the 89 applications, 53 are under review by the authority, and the number of applications rejected or withdrawn is 44. These applications include the submission received in 2018 also.
  3. The Fit and Proper Committee declared unfit to 15 people and companies, as per the standard of the MGA’s probity. The declaration of incompetence based on money laundering or terrorism funding associated risk elimination.
  4. MGA’s Compliance and AML function conducted 48 audits.
  5. MGA has requested 69 international cooperation’s, and as part of the criminal probity, assessment received 58.
  6. The criminal probity carried out screening assessment is 1300.
  7. The Financial Intelligence Analysis Units Memorandum of Understanding has revised. Moreover, with the Malta Police Force, the MOU signed an agreement to curb corruption and money laundering.
  8. As of December 2019, MGA gives license to 294 companies.

Heathcliff Farrugia, MGA’s Chief Executive Officer, stated that a challenging year was 2019, yet it was a rewarding year for the Maltese regulator. The enforcement and compliance focus has intensified. Throughout the year, it has prevailed, and it returned tangible results.

For better fulfilment of its objectives, MGA is restructuring, resulting in this same focus. In the Sports Integrity Unit setup, it has played a pivotal role.

As a matter of fact, with major international sports bodies, the unit has collaborated already in its first month. To uphold sports integrity and to fight the corruption in betting, this collaboration aimed at.

 

Vincenzo Davari

Vincenzo Davari, a writer on Sweden's best online casino, is a reporter by profession, but a learner by nature who provides informative news regarding casinos and gambling. When he gets free time, he loves to travel and explore the unknown. His diligent work helped him to get the Journalist’s Award twice.

Vincenzo Davari
Vincenzo Davari
Vincenzo Davari, a writer on Sweden's best online casino, is a reporter by profession, but a learner by nature who provides informative news regarding casinos and gambling. When he gets free time, he loves to travel and explore the unknown. His diligent work helped him to get the Journalist’s Award twice.

Most Popular

Vincenzo Davari

Vincenzo Davari, a writer on Sweden's best online casino, is a reporter by profession, but a learner by nature who provides informative news regarding casinos and gambling. When he gets free time, he loves to travel and explore the unknown. His diligent work helped him to get the Journalist’s Award twice.