MGA publishes updated System Documentation Checklist

The Malta Gaming Authority (MGA) has published the latest revised version of its System Documentation Checklist, which builds on the previous version, while omitting any requirements found to be inefficient or obsolete.

The revised checklist focuses more on the following areas:

• Company structure
• Business plan
• Operating policies and procedures
• Gaming and technical setup
• KYC and AML procedures
• Responsible gaming
• Sports integrity procedures

It is actually comprised of three separate checklists to cater for the differing B2C, B2C with DLT (distributed ledger technology), and B2B needs.

While the MGA encourages applicants to refer to the revised checklist where possible, the new requirements will come into force from 3rd May 2022.

As of that date, the Gaming Licence Application Form and other Technical Application Forms on the Licensee Relationship Management System (the LRMS), will be updated to reflect the new requirements, as well as some other enhancements.

This means that any applications submitted through the LRMS following this date will need to comply with the new requirements. Any applications submitted after 3rd May not meeting the requirements will be reset to ‘draft’ mode.

Aside from this checklist, revisions to the System Audit and Compliance checklist are also envisaged and will be published shortly, according to the MGA.

Furthermore, as of 3rd May 2022, the Authority will also be requesting all applications involving funding (especially Gaming Licence Applications and Share Transfer applications) to be accompanied by the Source of Wealth and Statement of Affairs templates.

The Source of Wealth Declaration needs to be filled in by all UBOs (Ultimate Beneficial Owners) and third parties investing funds into a licensee or licence applicant.

This form needs to be supported by detailed and relevant evidence/proof to account for the funds being invested in the operations.

The Statement of Affairs form also needs to be filled in by all UBOs and/or third parties investing funds into a licensee or licence applicant.

Evidence to support this Statement of Affairs might be requested by the Authority in case additional information is required for the purpose of processing the application.

In order to help licensees, applicants and consultants remain up to date with any other recent and planned changes on the Regulatory front, the MGA says it has launched a ‘Regulatory Updates’ section on its website.

This section will be kept updated with all changes in a timely manner, although major changes will still be notified through the usual means.

The new checklist can be downloaded in full from the MGA website.