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.

10,000+ have already benefited from Bookmakers.bet

Register to our newsletter and be the first to get our exclusive bonuses and promotions. Fill in your name & email and stay tuned on the latest offers and the new bookmakers in your country.

I agree with the terms of use.

BOOK SPY

Everton has landed yet another important deal by teaming up with Parimatch, appointing it as the club’s official betting partner in Europe and in the ...

Read more »

Online sports betting operator 22Bet has reached an agreement with French Ligue 1 champions Paris Saint-Germain. The two-year deal, ending 2022, will ...

Read more »

The South African National Gambling Board has issued a statement this week concerning the legality of online gambling. There have recently been some r...

Read more »

Betting operator 888sport announced that it has signed a sports betting partnership agreement with the National Football League (NFL) in the United Ki...

Read more »

British GVC Holdings PLC is launching an investment program to support grassroots sports in the UK. It will be helping the lower tiers of English foot...

Read more »

Dominic Beier has stepped down from his position as Interwetten Sports’ Speaker of the Board. The 29-year-old had joined the company in 2018, replacin...

Read more »

BGC, the UK’s Betting and Gaming Council, has announced the implementation of a new set of measures in order to prevent underage audiences from being ...

Read more »

Online sportsbook and casino operator Vbet will be sponsoring French Ligue 1 powerhouse AS Monaco. The deal includes seasons 2020-2021 (which just sta...

Read more »

UK-based bookmaker Betfred has announced the extension of its World Snooker Championship sponsorship until 2022. It is considered the biggest snooker ...

Read more »

European sports betting firm Melbet is expanding its presence in Africa by entering the Kenyan market. After already operating in Nigeria, Ghana and U...

Read more »

Latest Betting Offers