The Malta Gaming Authority has issued a new guidance note related to Licence Surrenders, which aims to provide licensees with a clear outline of the expected requirements and procedures in this regard.
According to the Authority, the new guidance note is mainly relating to:
- The exact date and time when the authorized person has stopped or shall stop accepting new business;
- The proposed plan that will be actioned by the Licensee further to the surrender of the Licence shall include but not be limited to, a timeline outlining in detail the manner in which outstanding player balances, including funds-in-play and ongoing jackpots, shall be duly settled by the Licensee;
- The reason for which the Licensee has elected to surrender the Licence.
As part of the license surrender application process, the Licensee must settle any dues to the Authority in terms of the Gaming Licence Fees Regulations and the Gaming Tax Regulations. Furthermore, the Licensee will also have to undergo a data extraction exercise once the license surrender review is underway.
The Licensee is required to submit the completed ‘Licence – Licence Surrender’ application via the LRMS, with at least twenty (20) days’ notice.
In other MGA news, earlier this week, the Malta Gaming Authority canceled AMGO iGaming Malta Limited’s license due to violations of the Gaming Compliance and Enforcement Regulations. Before that, the regulator also canceled the authorization granted to Arabmillionaire Limited after the company failed to address breaches uncovered by the Authority.
