MGA sets new Audit Service Providers Prerequisites

20 Mar 2018

mga audit serviceThe Malta Gaming Authority (MGA) is about to change its regulatory framework and strengthen its controlling processes in order to set higher standards to its cooperators. As a result, from April 1st onward, licensed or about to be licensed providers by the Maltese Authority may come in terms with their preferred Service Provider when the MGA requires within a specific time schedule a system and/or a compliance review.

Applications for Audit Service Providers

Service Providers wishing to be licensed by MGA in order to operate as auditors must:

• Fill in and submit an Audit Service Provider Application Form, along with the necessary documents;
• Meet all the Audit Service Provider criteria;
• Certify that at all times two or more partners or directors or not less than one partner or director and one lead auditor, are fully authorized to perform as auditors;
• Ensure that the approved auditors as a whole are financially and IT qualified
• Pay the non-refundable Audit Service Provider approval fee (€1,000);
• Pay the annual Service Provider maintenance fee (€500) in advance.

In order to perform as an Auditor, the Service Provider must fulfil all the prerequisites mentioned above. The license has a two (2) years validity from the day of issuance. Service providers are forbidden to sub-contract any part of the services as part of the new regulations.

The MGA will reevaluate Compliance and/or Systems Audit reports frequently in order to ensure that the service fulfills al the required criteria. Depending on this control, the Authority has every right to dismiss the Service Providers non-respectful to the new standards.

Join and grab exclusive bonuses, daily offers and free bets!

Lay hands on exclusive daily bonuses for members only. These promos are limited and are not advertised on the website.

Yes, I have read the Terms & Conditions and I consent to receiving emails from Bookmakers.bet regarding betting promotions, betting guides and news.

BOOK SPY
UFC 294: Makhachev vs Volkanovski Odds & Preview Featured Image

One of the biggest UFC events of the year takes place on Saturday, October 21 at the Etihad Arena in Abu Dhabi. UFC 294, starting at 19.00 BST, featur...

Read more »

Premier League Clubs Get Closer To Bookmaker Sponsorship Ban Featured Image

The front of the shirts of Premier League clubs will no longer feature logos from bookmakers once an agreement is reached. The deal would prohibit fro...

Read more »

Betano Lands Giannis Antetokounmpo As Global Brand Ambassador Featured Image

NBA star Giannis Antetokounmpo has signed a contract with Betano, making him their first-ever global brand ambassador. The Milwaukee Bucks superstar, ...

Read more »

Bet365 Continue Their Weekly 6 Scores Challenge Game Featured Image

Sports betting industry leader Bet365 has partnered with Incentive Games, a renowned free-to-play provider, to continue their highly popular weekly 6 ...

Read more »

22bet Awarded EPL Jerseys To Five Lucky Bettors Featured Image

Five of 22bet’s Kenyan users have received English Premier League jerseys after successfully predicting the correct score of Manchester United v...

Read more »

Betting Preview And Odds For Formula 1 2023 Season Featured Image

On March 3-5, the 24th Bahrain Grand Prix will mark the return of Formula One for its first full weekend of the new 2023 season. Max Verstappen, who h...

Read more »

Bet-at-home To Use EveryMatrix’s Sports Betting Platform Featured Image

European bookmaker Bet-at-home has launched its new sports betting solution from EveryMatrix, replacing its present platform. EveryMatrix’s Odds...

Read more »

Stake.com Becomes Official Partner Of Alfa Romeo F1 Team Featured Image

The renowned crypto bookmaker Stake.com recently signed a deal with Alfa Romeo F1 Team to become their name sponsor. The partnership is going to stand...

Read more »

1xBet Issues Press Release To Shoot Down Allegations Featured Image

On 25/1/2023, 1xBet issued a press release to shoot down claims from a recent article, that came to light stating that the bookmaker is currently faci...

Read more »

Stake.com Pays Out On Arsenal As Premier League Champions Featured Image

The online sportsbook Stake.com has already paid out on outright bets on Arsenal to win the league, as they went onto 50 points after 19 games with a ...

Read more »

LATEST BOOKMAKER PROMOTIONS
bookmaker banner
bookmaker banner