MGA | NEW System Documentation Checklist is published
The Malta Gaming Authority updated the System Documentation Checklist. The revised Checklist builds on the previous version, however it omits any requirements that were inefficient or obsolete.
Focuses of the new checklist
- The Company Structure
- The Business Plan
- The Operating Policies and Procedures
- The Gaming and Technical Setup
- KYC and AML Procedures
- Responsible Gaming and
- Sports Integrity procedures.
This Checklist is made up of 3 separate checklists to cater for the differing B2C, B2C with DLT and B2B needs.
Although applicants are urged to refer to the revised Checklist where possible, the revised requirements will come into force from 3 May 2022. As of this date, the Gaming Licence Application Form, and other Technical Application Forms on the Licensee Relationship Management System (the ‘LRMS’) will be updated to reflect the new Checklist requirements, as well as some other technical enhancements.
Any applications submitted through the LRMS following this date will need to abide by the revised Checklist requirements. Any applications submitted after 3rd May, not meeting these requirements will be reset to ‘Draft’ mode.
MGA will shortly publish revisions to the System Audit and Compliance Audit checklist as well.
new template for Source of Wealth and statement of affairs
Furthermore, as of 3 May 2022, the Authority will also be requesting all applications involving funding (especially Gaming Licence Applications and Share Transfer applications) to be accompanied by the Source of Wealth and Statement of Affairs templates.
Source of Wealth Declaration needs to be filled in by all UBOs and/or third parties investing funds into a Licensee/Licence applicant. This form needs to be supported by detailed and relevant evidence/proof to account for the funds being invested in the operations.
Regulatory Updates
The MGA has launched a ‘Regulatory Updates’ section on its website to help licensees, applicants and consultants keep up-to-date. This section will be kept updated with all changes in a timely manner, although major changes will still be notified through the usual means.
Download the Check List on MGA Website: MGA / System Documentation Checklist Update
Any questions regarding the new checklist?
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