Malta is well-known as the online gambling hub of Europe as it provides a safe environment for entities from around the globe to thrive and develop their online-based business in the gambling sphere. This week brought the news that Malta Gaming Authority has recently published the requirements which each of the audit service providers has to meet in order to be approved for participation.
The gaming authority is constantly striving to further improve the way operations happen in the remote gaming sector, and the easiest way to do so is to implement advanced technologies and to make the communication among all entities more seamless and with a better flow of information. The sector is regulated by the Remote Gaming Regulations established in the country and in order to improve the process, the authority is implementing new additions to its all-encompassing regulations list.
All entities which are willing to participate in the application for audit service providers will help the industry become a better functioning system with their expertise. The beginning of April will see the official start of the auditing dynamics, as all operators which either have an existing license for operation issued by the gaming authority or have applied for such, will have the chance to collaborate with a service provider of their choice. This is expected to improve the cooperation between the entities in the field.
Requirements for Participation
This is going to happen when a system or compliance review is needed by the gaming authority, as this is a mandatory requirement for the smooth operation. All entities which are willing to file in their application should first begin with the special audit service provider application form which is provided by the gaming authority. They should make sure that all specific requirements of the process are met and they are fit for the future tasks.
According to the essential guidelines for application, the said entities should also guarantee that the audits are performed by entities which have obtained the needed financial and IT qualifications, in order to meet the high expectations of the gaming industry. In order to enter the application stage of the audit program, all entities will have to send the mandatory and non-refundable approval fee for the program, which amounts to some €1,000. There is also the yearly maintenance fee which is obligatory for each service provider, which has to be paid in advance as well. It amounts to as much as €500.
Each candidate who meets all the aforementioned requirements will receive the approval of the Malta Gaming Authority and this green light is going to grant the entity with the needed permit valid for two years. The starting date for this approval is from the date of issuing, which should also be taken into account. Over the span of this period, there will be regular checkups scheduled by the authority which could also result in the revoke or suspension of the approval, if the service provider fails to meet the quality standards.