The MGA mandates that after going live, a licensee must undergo a number of compliance audits of its operations performed by an approved service provider appointed by the licensee. These audits need to be completed by the service provider within 90 days from the MGA’s notice. The MGA will require the audit to adhere to the following schedule:
- After the first year of operation after being licensed by the MGA; and
- Any other audit depending on the compliance plan set by the MGA.
Failure of a compliance audit could lead to suspension or termination of a licence.
Furthermore, at least one Key Official, who is approved by the MGA, has to be appointed as the director of the company. The responsibilities of the Key Official include, but are not limited to, the following:
- Assisting the MGA in investigations and the respective third party auditors;
- Ensuring transparency and fairness in the games being offered;
- Supervising operations;
- Ensuring full compliance.
iGaming License Malta advisors, having its services provided by Fairwinds Management Limited will assist you throughout the application process so that you can register for the license you require to start operating your iGaming and betting business online. We will firstly help you establish an optimal company structure so that you may operate an iGaming company profitably, whilst benefiting from fiscal and employment incentives which are currently being offered to iGaming operators in Malta. Our expertise allows you to leave all your iGaming requirements in our hands in order to allow time to focus on your core business.