The 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.