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Singular Awarded Multi-Channel Provider Of The Year

George Miller

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SINGULAR AWARDED MULTI-CHANNEL PROVIDER OF THE YEAR
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Singular, a Tier 1 iGaming supplier won the Multi – Channel Provider of the Year at the prestigious Malta Gaming Awards.

The Awards dinner was held during Malta Gaming Week at one of the largest venues in Malta, the Hilton. The judging panel recognized Singular’s innovative approach that has generated high commercial success for the company and its clients.

Singular has always been committed to creating a seamless experience across all channels. In the past year, the company has successfully delivered a Native Mobile App that has proved to be highly reliable and scalable even in markets with high-latency. Nevertheless, Singular is dedicated to empowering clients’ growth through online AND offline convergence of players. For that reason, the company also has a dedicated development team for the Retail Platform that is continuously improving the solution with margin-enhancing features.

Even in the retail sector there is still room for innovation, particularly within the newly legalized U.S. market where the retail solution is still dominant. – said George Shamugia, Singular’s CEO, in a recent interview.

The modular architecture of Singular Solutions gives operators the freedom to create their own brand by customizing the offering to the players’ local demands and easily complies with different jurisdiction requirements.

It is a great pleasure that the industry has recognized our strong commitment towards building flexible solutions with market-leading feature via technological excellence. This has been a great team effort across all product verticals, and I am proud of the achievements and milestones we have marked this year. – commented Darko Gacov, one of the founding partners at Singular and VP of Business Development.

Following the Awards night, at the SiGMA Expo, Singular showcased their new Sports Betting Platform that also has a versatile Retail Solution. The key selling points of the new platform are the high level of personalization and effective risk management. Singular has already signed the new Sports Betting Platform with several high-profile operators and is in negotiation to enter the U.S market.

 

About Singular:
Singular is an established brand with 10+ years of experience working with Tier 1 iGaming operators. Singular Product Portfolio includes a comprehensive and flexible iGaming platform, Sports Betting Platform with market leading features alongside a retail solution and a Casino Core with 7000+ casino games. The three pillars of the company are: flexibility, reliability, and innovation which are reflected in the company’s way of work and the corporate slogan BE OUTSTANDING. More at singular.uk

Latest News

FIAU and MGA publish Implementing Procedures Part II for the Remote Gaming Sector

George Miller

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FIAU and MGA publish Implementing Procedures Part II for the Remote Gaming Sector
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The Financial Intelligence Analysis Unit (“FIAU”), in conjunction with the Malta Gaming Authority (“MGA”), has today published a revised version of the Implementing Procedures Part II for the Remote Gaming Sector.

The changes carried out were rendered necessary to address amendments to the Prevention of Money Laundering and Funding of Terrorism Regulations (“PMLFTR”) and to the Implementing Procedures – Part I, as well as to reflect realities that FIAU and MGA officers have been encountering in the course of supervisory activities. The salient revisions made to these Implementing Procedures are listed hereunder:

  • Providing further guidance on customer due diligence (“CDD”), such as on the verification of customers’ identity, the carrying out of ongoing monitoring, dealing with customers who are PEPs, as well as on the requirements that persons acting as MLROs are expected to meet;
  • Clarification on the obligations of subject persons when the customer is not willing to provide the same with the necessary information and/or documentation required as part of CDD;
  • Further elaboration on risk factors which are to be taken into account by subject persons, such as on the involvement of affiliates;
  • The extension of the licensees’ own anti-money laundering and countering the funding of terrorism (“AML/CFT”) obligations to physical establishments used to extend licensees’ customer reach;
  • The provision of targeted guidance on Corporate Licensees; and
  • The inclusion of case studies based on actual cases analysed by the FIAU’s own Intelligence Analysis Section.

In an effort to further assist interested parties, the FIAU has also published on its website a copy of the original Implementing Procedures Part II with all the changes carried out tracked out for ease of reference.

Subject persons are reminded that these Implementing Procedures and the amendments that have been made thereto focus on certain aspects of the PMLFTR and their application that warrant further elaboration at industry-specific level in order to ensure their correct interpretation and application by licensees. Licencees are hereby being reminded that to understand and fulfil their AML/CFT obligations, they are to read these Implementing Procedures in conjunction with the Implementing Procedures Part I.

The revised version of the Implementing Procedures Part II is effective from today the 2nd July 2020.

The Implementing Procedures Part II can be viewed from here.

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Latest News

The MGA Publishes its 2019 Annual Report and Financial Statements

George Miller

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The MGA Publishes its 2019 Annual Report and Financial Statements
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The Malta Gaming Authority (MGA/Authority) is publishing its Annual Report and Financial Statements for the financial year ending 31 December 2019, providing an overview of the work performed throughout the year by the Authority. In addition, the report also includes a summary of the performance of the Maltese gaming industry during 2019 and an outlook for the medium-term future.

The following are the key highlights from the Annual Report covering the year 2019:

  • The Authority cancelled 14 licences and suspended 11. In addition, it issued 20 warnings, 89 Notices of Breach and 23 administrative fines imposed on operators following various regulatory breaches;
  • 89 applications for a gaming licence were received in 2019; 44 applications were either rejected or withdrawn and 53 licences were issued during the period under review, including licences the application for which had been received during the previous year;
  • 15 individuals and companies were deemed not to be up to the Authority’s probity standards by the Fit & Proper Committee, mainly on the basis of mitigating the risks of money laundering or funding of terrorism;
  • 48 audits were conducted by the Compliance and AML function;
  • 69 international cooperation requests were sent by the MGA in 2019, predominantly as part of the criminal probity assessments, with the Authority receiving 58 international co-operation requests;
  • 1,300 criminal probity screening assessments were carried out in 2019;
  • The Authority revised its Memorandum of Understanding (MoU) with the Financial Intelligence Analysis Unit, and also signed an MOU with the Malta Police Force, aimed at strengthening the fight again corruption and money laundering;
  • As at the end of December 2019, the number of companies licensed by the MGA, including both online and land-based entities, stood at 294.

In publishing this report, Heathcliff Farrugia, Chief Executive Officer of the Malta Gaming Authority, stated that: “Overall, 2019 was a very challenging but at the same time rewarding year for the MGA. The increased focus on compliance and enforcement which was prevalent throughout the year has yielded tangible results for the Authority.

This focus led to internal restructuring for the better achievement of the MGA’s objectives, and was also pivotal in the Authority’s drive towards the setting up of the Sports Integrity Unit, tasked with increasing the commitment towards the fight against the manipulation of sports competitions. In its first months, this unit has already signed important collaboration agreements with international sport bodies in order to tackle betting-related corruption and ensure the integrity of sports.

Such collaboration, both at a local and international level was high on the agenda in 2019, and will continue being crucial in 2020, as a key determining factor in the ongoing fight against crime, corruption and money laundering.”

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Compliance Updates

Malta Gaming Authority Publishes Amendments to its Sandbox Regulatory Framework

Niji Narayan

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Image by M W from Pixabay
Reading Time: < 1 minute

 

The Malta Gaming Authority (MGA) has published the amendments to its Sandbox Regulatory Framework. The amendments are:

  1. The authorised person and/or prospective authorised person shall be required to submit a legal opinion signed by a registered VFA agent, regarding the licensability or otherwise of the services in terms of the Virtual Financial Assets Act (Cap. 590 of the Laws of Malta), that shall be undertaken by the authorised person and/or any service provider engaged by the authorised person within the sandbox environment;
  2. Authorised persons and/or outsourcing service providers that are carrying out a licensable activity in terms of the Virtual Financial Assets Act (Chapter 590 of the Laws of Malta) require a licence from the MFSA;
  3. The requirements relating to the verification of control that a player exercises over his/her wallet have been brought in line with applicable AML/CFT obligations; and
  4. The requirements applicable to the audit of innovative technology arrangements by auditors registered with the MDIA have been clarified.
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