Compliance Updates
New gambling law in Malta from July 1
After a three-month standstill period in the European Commission, the new gambling law will come into force in Malta on July 1.
The act was proposed in the Maltese Parliament this spring and introduced to the EC for an obligatory review. It aims to dismantle the country’s current gambling regulatory system. The existing system grants licenses in several classes, but the proposed system will only have two categories of licenses: a business-to-business (B2B) one and a business-to-consumer (B2C) one, depending on the focus of applicants’ operations.
The new Gaming Act comes as the first revision of Malta’s gambling legislation in fourteen years and was initiated by the Malta Gaming Authority’s former Executive Chairman, Joseph Cuschieri.
Mr. Cuschieri assumed office at the island nation’s gambling regulator in the fall of 2013. Earlier this year, he was appointed CEO of the Malta Financial Authority, which required him to leave his post at the MGA. He was replaced by former MGA Chief Operations Officer Heathcliff Farrugia.
Aside from introducing a simplified licensing system, Malta’s new Gaming Act provides the MGA with extended regulatory powers and enforcement functions. The regulatory body will thus be able and expected to implement stricter rules and tools for countering money laundering, terrorism financing, and other illicit financial flows often associated with the gambling industry.
What’s Next for Malta’s Gaming Industry?
Malta has become an important gambling hub in the years since its gaming law was last revised. The nation’s gambling industry currently represents 12 per cent of its annual GDP and is poised to grow in the coming years.
The new Gaming Act is expected to facilitate the process of providing gaming services from Malta by introducing a simplified licensing process and thus boost the growth of the nation’s gaming industry even further. The new law also aims to bring Malta’s regulatory regime in line with the current iGaming landscape and demand for iGaming services.
The new regulatory regime is now set to come into effect from July 1, 2018 for remote gambling operations, and from January 1, 2019 for land-based businesses. It is also important to note that providers of B2B services will be exempt from taxes under the new regulations. That particular language in Malta’s new law aims to turn the nation into an even more attractive tech hub.
While the island nation is already home to some of the world’s largest online gambling companies, it is expected that Gibraltar’s uncertain post-Brexit future could result in industry stakeholders reducing their presence in the British Overseas Territory or leaving it altogether in favour of opening or extending their Malta operations.
Reports emerged last month that bet365 might be gearing up to leave Gibraltar and relocate its operations to Malta where it already runs business. The company denied those reports by confirming plans to expand its business in Malta but not at the expense of its Gibraltar operations.
Source: CasinoNewsDaily
Balkans
Expanse Studios Launches in Bulgaria with Inbet
Expanse Studios, a leader in online gaming innovation, has secured a Bulgarian iGaming license and is now live on Inbet’s website. This expansion brings Expanse Studios’ popular game offerings including turn-based strategies gamified for iGaming, classic slots, traditional card games and the highly-acclaimed ones like Titan Roulette, Clown Fever Deluxe, Wild Icy Fruits, White Wild Whale and Joker Poker to Bulgarian players.
Diverse Gaming Portfolio Now Available to Bulgarian Players
With the Bulgarian market entry, Expanse Studios introduces a versatile gaming experience to Inbet’s platform. The offerings include a dynamic range of games tailored to diverse player preferences:
- Turn-based strategy games: Leveraging gamification, these games transform traditional strategy gameplay into engaging iGaming experiences, suitable for both novice and experienced players.
- Classic slots: Players will enjoy a variety of themed slots that combine traditional gameplay with modern graphics and sound.
- Traditional card games: A selection of popular card games offer something for every card game enthusiast.
- Titan Roulette: This standout feature, known for its immersive experience and innovative design, continues to be a favorite among roulette players.
Commitment to Quality and Compliance
Expanse Studios not only cultivates a diverse gaming library but also adheres to stringent regulatory standards to ensure a secure and fair gaming environment. The acquisition of the Bulgarian iGaming license is a testament to Expanse Studios’ commitment to compliance and excellence in the gaming industry.
The partnership between Expanse Studios and Inbet marks a significant milestone in Expanse Studios’ expansion efforts. By combining Expanse Studios’ innovative gaming solutions with Inbet’s established market presence, both entities are set to offer a superior gaming experience to players in Bulgaria and potentially beyond. As Expanse Studios continues to develop and release new games monthly, Bulgarian players can look forward to a continually evolving and enriching gaming landscape.
Compliance Updates
EGBA Welcomes European Parliament’s Approval Of New EU Anti-Money Laundering Framework
The EU’s new anti-money laundering package aims to create a more consistent regulatory framework and will benefit online gambling operators by standardising AML rules and reporting requirements across member states.
Brussels, 24 April 2024 – The European Parliament has approved the EU’s new anti-money laundering (AML) package at its plenary sitting today, marking a significant milestone towards a new EU framework for combatting financial crime. The European Gaming and Betting Association (EGBA), representing Europe’s leading online gambling operators, welcomes the Parliament’s approval of the new AML package and believes the incoming rule changes will strengthen the EU’s approach to tackling money laundering.
The new package will contain:
- A single rulebook regulation – with provisions on conducting due diligence on customers, transparency of beneficial owners and the use of crypto-assets.
- The 6th Anti-Money Laundering Directive – containing national provisions on supervision and national AML authorities, as well as on the access of authorities to necessary and reliable information, e.g. beneficial ownership registers.
- The establishment of the European Anti-Money Laundering Authority (AMLA) – which have supervisory and investigative powers to ensure compliance with AML requirements, operating in conjunction with national AML authorities.
EGBA believes the new rules will benefit Europe’s online gambling operators by ensuring a consistent regulatory approach across EU member states. Another important feature, under the competence of AMLA, will be the creation of a harmonised reporting format for Suspicious Transaction Reports (STRs). This will ensure that Europe’s online gambling operators encounter the same STR requirements across all EU member states, thereby setting clear and consistent expectations that will reduce administrative burdens and costs.
To assist online gambling operators in complying with the EU’s new AML rules, EGBA has developed industry-specific guidelines on anti-money laundering which apply a risk-based approach and include practical measures that operators can take – on customer and business risk assessments, customer due diligence processes, suspicious transaction reporting, and record keeping. EGBA members already apply the guidelines and submit annual reports to EGBA that summarise their progress in implementing its measures. The guidelines are also open to all operators based in the EU and EGBA encourages operators to sign up to them.
The AML package now awaits formal adoption by the Council of the EU, expected in May, before being published in the EU’s Official Journal.
“We welcome the European Parliament’s approval of the new anti-money laundering package. The new framework will set high standards and ensure greater consistency in the application of AML rules across the EU. Online gambling operators, especially those operating in multiple countries, will benefit from a single rulebook and harmonised reporting requirements that will unravel national complexities. We will look to review our industry guidelines on AML to ensure their alignment with the new EU rules. By signing up to the guidelines, operators can already prepare themselves for the incoming changes in the EU rules and join our members in their efforts to proactively and positively contribute to the EU’s fight against money laundering.” – Dr. Ekaterina Hartmann, Director of Legal and Regulatory Affairs, EGBA.
Source: EGBA
Australia
Crown Reinstated at Sydney Casino
The NSW Independent Casino Commission has found Crown Sydney suitable to retain its casino licence after nearly three years of intensive remediation.
Chief Commissioner, Philip Crawford, said Crown has come a long way and must now demonstrate its long-term commitment to maintaining suitability.
“The NICC is confident the Crown we deemed suitable today has a strong model to keep operating into the future,” Mr Crawford said.
The NICC’s suitability assessment established that Crown Sydney has fundamentally reformed its business and is operating the casino within the objects of the Act, the requirements of the suitability deed, and in compliance with its regulatory obligations.
In addition to proving it can run the casino lawfully, Crown has remediated its business in other meaningful ways such as building a culture of transparency and accountability across its integrated resort.
“Hard work and transformation aside, the NICC has not forgotten the level of misconduct exposed in 2021 when Crown was found unsuitable,” said Mr Crawford.
“Crown Sydney has ongoing work to reach steady state and it must continue to lift standards and maintain its cultural transformation.
“There is and will always be room for improvement, but Crown is a changed business that is looking toward the future.
“Likewise, the NICC is a changed regulator with enhanced powers, a singular focus on casinos, and a mandate to address the risks of harm.
“This decision is a positive outcome for Crown Sydney, its staff, and the community – who can be sure the NICC will use all of its powers to keep the casino in check.”
In addition to the implementation of hundreds of new internal controls, the Bergin-based reforms have been reflected in a new licence and new regulatory agreement between Crown Sydney, the NSW Government and the NICC.
These agreements include updated settings, such as the removal of fetters to the NICC’s powers, as well as previous compensation trigger clauses that are no longer part of the casino legislation.
Mr Crawford said: “Crown cannot disregard the responsibility and privilege that comes with holding a casino licence. Crown Sydney’s ability to provide a destination hospitality and entertainment venue underpinned by the restricted gaming facility is contingent on its steadfast commitment to continuing suitability, accountability and compliance.”
-
eSports7 days ago
Everything you need to know ahead of ESL Pro League Season 19
-
Latest News7 days ago
New Market Alert! Hacksaw Gaming Touch Down in Portugal with Solverde.pt
-
Latest News4 days ago
THE UNIT APPOINTS ADAM NOBLE AS CHIEF COMMERCIAL OFFICER
-
Gaming4 days ago
The German Games Industry Association congratulates all winners of the German Computer Game Awards 2024
-
Baltics4 days ago
MARE BALTICUM Gaming & TECH Summit Announces Final Agenda for 2024 Event
-
Africa4 days ago
NE Group powers 888bets launch in Angola
-
Latest News4 days ago
INSPIRED LAUNCHES VIRTUAL SPORTS WITH COMEON GROUP
-
Industry News4 days ago
Wazdan set to gain more ground at Casino Beats Summit Malta