Gambling and financial regulators team up for closer cooperation

The Malta Gaming Authority (MGA) and the Malta Financial Services Authority (MFSA) announced that they have signed a bilateral Memorandum of Understanding (MoU) designed to deepen their longstanding collaboration and elevate regulatory excellence across Malta’s gaming and financial sectors.

This is the second MoU involving the two authorities, following an existing multi-party agreement signed with the Sanctions Monitoring Board (SMB) and the Financial Intelligence Analysis Unit (FIAU), which focuses on cooperation in areas such as anti-money laundering, terrorism financing, and the proliferation of weapons of mass destruction.

However, the newly-signed MoU was established to meet the need for a separate agreement, providing a clear framework for closer collaboration in shared regulatory areas and supporting each authority in fulfilling its responsibilities more effectively.

Additionally, the agreement includes plans for training and education to make sure both authorities have the right skills and knowledge, especially in areas where their responsibilities might overlap. This focus on learning and development is meant to make both organisations stronger and more effective in doing their jobs.

MGA CEO Charles Mizzi welcomed the signing of the MoU, describing it as a significant step in strengthening collaboration between the two authorities.

He highlighted the importance of the relationship between the MGA and the MFSA, noting that the agreement not only improves the exchange of information but also reinforces a joint commitment to maintaining high regulatory standards and investing in professional development.

Similarly, MFSA CEO Kenneth Farrugia described the MoU as a clear reflection of the authority’s ongoing commitment to strengthening collaboration with local regulatory bodies.

He emphasised the importance of inter-institutional cooperation, particularly in areas such as due diligence and enforcement, given the overlap between the sectors regulated by the MFSA and MGA.

Mr Farrugia also noted that the agreement extends beyond information sharing, placing strong emphasis on the upskilling of supervisory staff – an essential component in supporting the day-to-day operations of both authorities.

“The MoU itself goes beyond the exchange of good practice and intelligence, as it also focuses on the upskilling of our supervisors who are instrumental to the daily operations of both authorities,” he concluded.