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The Malta Gaming Authority (MGA) requires licensed operators to nominate ‘key functions’ holders within their organization.
Key function holders are essential for the regulatory process, as they act as contact persons for the MGA, making reporting and communication easier. We provide key function services for gaming operators licensed by the MGA. We have a team of experts who can support key positions within your organization or fulfill these positions themselves, ensuring that you remain compliant with Maltese gaming regulations.
Every company that operates, or is planning to operate, under an MGA license, whether B2B or B2C, would need to appoint certain key function officials. Specific responsibilities would be linked to these key functions.
The key function holder is a role held by a natural person with a solid understanding and deep knowledge of the operation and functions they represent. The MGA must approve these key function holders and will become the point of contact between the authority and the licensee.
The key function holder will be responsible for several tasks including, but not limited to:
- communicating with the MGA on behalf of the licensee;
- ensuring that the licensee complies with its obligations under the applicable legislation;
- liaising with other key function holders within the organization; and
- keeping up to date with changes in the applicable legislation.
A key function holder role is vital, and operators are advised to appoint the right person for the job. Once appointed, key function holders must undergo regular training to keep updated with changes in the law and best practices.
Operators licensed by the MGA are required to have specific essential regulatory data available at all times. The MGA's key function roles ensure that this data is consistently accurate and up to date. As a licensed operator, you must ensure that competent and trustworthy persons fill your key function roles. We provide key function services, ensuring reliable professionals handle your essential regulatory data. With our help, you can be sure that your gaming operation will comply with MGA requirements and run smoothly.
For a B2C licensed entity, the MGA would require eight key officials to be appointed; this number would be seven for a B2B licensed company.
The complete list of rules, including descriptions, are:
|Chief Executive Officer||The chief executive role, or equivalent.|
|Chief Operations Officer, Chief Financial Officer||The management of the day-to-day gaming operations of the licensee, including but not limited to, the management of the financial obligations of the licensee, such as the payment of tax and fees due to the Authority, the processes of making payments to, and receiving payments from, players, the management of the risk strategies for the operation of the licensee, and the prevention of fraud to the detriment of the licensee.|
|Compliance Officer||Compliance with the obligations of the licensee as may be applicable by virtue of the Act and any binding instrument issued thereunder, including but not limited to, obligations relating to responsible gaming, obligations relating to player support, obligations relating to the rules relating to marketing, advertising and promotional schemes, and where applicable, obligations relating to sports integrity.|
|Legal Officer||The legal affairs of the licensee, including but not limited to matters relating to contractual arrangements and dispute resolution.|
|Money Laundering Reporting Officer||The prevention of money laundering and the financing of terrorism.|
|Data Protection Officer||The adherence to applicable legislation relating to data protection and privacy.|
|Chief Technology Officer and Information Security Officer||The technological affairs of the licensee, including but not limited to the management of the back end and control system holding essential regulatory data, and the network and information security of the licensee.|
|Internal Audit||Providing independent assurance that an organization’s risk management, governance and internal control processes are operating effectively.|
Depending on the type of key function, one individual may be appointed for several key positions as long as the roles are not conflicting (for example, compliance-oriented roles usually conflict with business-based roles).
The following table illustrates the key functions which are considered to be incompatible with each other such that an individual will not be authorized to fulfill them simultaneously:
|CEO||Gaming Operations||Legal Affairs||Data Protection||Compliance||Technology||AML & CFT||Internal Audit|
|AML & CFT|
The changes in October 2021 by the MGA (read our newsletter about this) have left licensees in a situation where they cannot always provide qualified and experienced in-house staff to fulfill these key function positions. In addition, not all key position holders are familiar with the Maltese legislative environment and its ongoing developing reporting requirements.
We provide a wide range of professionals from various disciplines who can support your key function holders in fulfilling their reporting requirements while ensuring the most up-to-date legislative obligations are being met.
One of the advantages is that you pay one fee, monthly or yearly, and get the experience and expertise of a dedicated team of individuals. Our team is constantly in close correspondence with the MGA and analyzing any new development in the industry to ensure your business is always on top of its game. We can also act as an actual key function holder, subject to specific requirements.
Additionally, we have a vast database of reporting tools to ensure a quick turnaround. Furthermore, due to our extensive knowledge in the Maltese iGambling environment, we can act as a sounding board for your operation in anything MGA, FIAU, finance or legal compliance related.
FOR MORE INFORMATION ABOUT OUR KEY FUNCTION SERVICES.