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Malta is frequently cited as being Europe’s iGaming capital, with more and more companies setting up on the island every week. This is largely due to Malta’s favourable tax rates coupled with its solid legal and regulatory framework. In fact, as of 2019 about one-eighth of the regulated British market is based in Malta. The burgeoning market has resulted in an exceptional need for compliance. The basis of iGaming compliance largely rests on anti-money laundering (AML) regulations. The introduction of the General Data Protection Regulations (GDPR) in 2018 have added a new layer of complexity to compliance in this sector.

The importance of anti-money laundering (AML) controls that are commensurate with the appropriate regulatory framework must not be underestimated. With a constantly evolving legislative landscape, gaming companies must ensure that they have appropriate AML policies and procedures in place, and that their operational teams are effectively implementing these in practice. Ensuring that you have an effective AML regime in force is key in continuing to grow as both a sustainable and socially responsible gaming operator. Compliance isn’t limited to anti-money laundering and funding of terrorism but extends to an array of other areas including data protection, responsible gaming and consumer protection.

Non-compliance has serious consequences, beyond the fines issued by gaming regulators that easily step into multi-million territory. There’s also the often irreversible damage to the company’s reputation and brand name to consider. The solution is to have a team in place that consistently seeks effective, practical and appropriate measures to address these risks, but which also allow the company to continue with its daily activities uninhibited.

How AE Can Help

Despite the legal and practical need for compliance surveillance, there’s a distinct lack of skilled personnel in this field. The ideal solution to this problem is to engage external assistance in the form of professionals with extensive knowledge and experience in this area. Compliance needs to be tailor-made to address or mitigate the various risks faced by each individual company and continuously updated and fine-tuned to meet the ever-changing iGaming environment. Our iGaming Department can assist you in safeguarding your license by ensuring that the company adheres to all legal obligations in terms of regulations and license conditions, including AML and e-commerce.

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