Are you up to date with the MGA’s newly updated financial reporting requirements?

The Malta Gaming Authority (MGA) last month announced updated financial reporting requirements for all licensees, effective from 2025. These changes aim to streamline and enhance transparency in financial reporting across the gaming industry, ensuring compliance with modern regulatory standards.

What’s changing?

The new requirements include two main types of reports that licensees must submit:

Annual Financial Reports (AFR)

Licensees will now be required to provide Annual Financial Reports that cover the entirety of their financial year. These reports will include key financial figures extracted from the licensee’s financial statements. Notably, these figures do not need to be audited unless the financial audit has already been completed. However, this requirement does not replace the obligation to submit audited financial statements separately.

Interim Financial Reports (IFR)

Replacing the current Interim Financial Statements, the updated Interim Financial Reports will follow the same format as the AFR but will cover only the first six months of the licensee’s financial year.

Submission deadlines

Both reports must be submitted no later than two months after the end of the respective reporting period. For example:

• Licensees with a financial year ending on 31st December must submit their AFR for 2024 by 28th February 2025.
• The IFR for 2025 must be submitted by 31st August 2025.

Streamlined submission process

To simplify compliance, all financial figures must be submitted through the MGA’s Licensee Portal. Draft records for both AFR and IFR will be visible on the licensee’s timeline. Once selected, the portal will guide users through the process of reporting the required key financial figures.

Clarity and support

The MGA has emphasised that these updates aim to foster a clear and efficient reporting process. Licensees seeking further guidance can contact the authority directly at pfr.mga@mga.org.mt.

Why It matters

The updated requirements reflect the MGA’s commitment to ensuring regulatory compliance and financial integrity within Malta’s gaming sector. Licensees are advised to review the changes promptly to avoid non-compliance as the first reporting deadlines draw near.

For more details on the updates and how to prepare, visit the MGA’s official website.