Compliance Officer

The Key Function for Compliance
Following the introduction of the new regulatory regime in August 2018, the previously common role of the key official became obsolete and was replaced by the key function roles.

These have been defined by the Malta Gaming Authority (MGA), and include 15 roles which need to be covered for a company in possession of a Business to Consumer (B2C) Licence and 9 roles which need to be covered by a company in possession of a Business to Business (B2B) Licence.

The scope behind such a complete overhaul was predominantly related to the fact that the MGA felt it needed to ensure that roles which are considered key (critical) for the successful operation of the gaming business, are covered by qualified individuals, approved by the Authority. Such roles may only be provided by natural persons and are required to hold a certificate of approval.

Before the new gaming act came into force, the role of the key official was mainly covering the function which is now equivalent to the compliance function, i.e. the person responsible for ensuring compliance with the licensee’s obligations emanating from the licence issued by the Authority.

At IGA Group (iGamingAdvisors) we can cover the role of key compliance for those companies who prefer outsourcing this function.  Our team of qualified professionals already cover this role for a number of remote gaming companies, providing best in class service, in line with regulatory requirements.

Key function for Compliance (Responsibilities)

Below is a list of the main responsibilities that need to be adhered to by the person approved by the Authority to cover the key function for Compliance:

  1. Ensure that the remote gaming system is set up and maintained in accordance with the remote gaming regulations;
  2. Submission of incident reports when controlled and uncontrolled incidents occur;
  3. Preparation and submission of notification reports which require the Authority’s approval prior to effecting critical changes to the gaming infrastructure, core system modules, gaming operation, rules of the games, terms and conditions and games portfolio;
  4. Preparation of monthly player liability reports, duly ensuring enough players funds are in the bank accounts to cover all player liabilities, and submitting report to the Authority.
  1. Submission of gaming data reports;
  2. Assistance in the preparation and submission of personal declaration forms pertaining to key function roles;
  3. Submission of complaints log to the MGA in line with the updated player protection directive, and in collaboration with the person covering the key function of Player Support;
  4. Submission of contracts directly effecting the operation to the Authority;
  5. Assistance in the submission of any share transfer approvals as result of changes in corporate structure;
  6. Monitoring adherence to the provisions of the Gaming Act and subsidiary legislation.

At iGamingAdvisors, we are committed to providing the best possible service to our clients, by using our wealth of experience and knowledge to maximise the potential of their business. We have years of experience in the gaming sector, both through previous employment with gaming companies, but also through software companies providing technical solutions and also through various consultancy engagements both at a strategic, operational and regulatory level.

Our expertise covers the whole spectrum of operator activities: legal, finance, operations, online gaming regulation, compliance, AML, technical, licensing, corporate, seo, support, company formation, mergers and acquisitions and more.

Having assisted companies in obtaining gaming licences in Malta, UK, Romania and Curacao, we pride ourselves for being one of Malta’s most experienced igaming service providers.