We use the plural in the title simply because today the remote gaming operator has to comply with, not only one regulatory regime, but various ones, especially where they hold other National licenses.
Compliance with various laws and regulations in the countries where they operate is essential to ensure that the operator protects one of its main assets, the license. Operators are also required to comply with various standards such as ISO:27001 and/or PCI DSS. Certain...
The online gaming industry faces multiple challenges in the conduct of its business and is often regarded as being high risk, with money laundering often cited as being one of the risks. This assessment is based on the fact that it is primarily a non-face-to-face business offering a high degree of customer anonymity and seen as a potential vehicle for money laundering.
On the 5th February 2013, the European Commission published a draft version of the...
Maltese company law is in conformity with EU legislation. The principal legislation regulating corporate matters is the Malta Companies Act of 1995 (Act XXV of 1995) which is primarily based on UK legislation.
Maltese law states that a commercial partnership may be of the following kinds:
i. a partnership en nom collectif;
One of the fundamental human rights enshrined in the Constitution of Malta is the right to privacy. In this respect the Data Protection Act provides for the protection against the violation of privacy through the processing of personal data belonging to individuals.
The Data Protection Act of 2001 which was enacted on the 14th December 2001 regulates the processing of personal data whether held electronically or in manual form.
Fiduciary services relate to the holding and management of the client’s assets on the basis of the instructions given by the beneficial owner of these assets.
The main fiduciary functions conducted by our licensed associated partner include:
i. Holding of assets under title of mandate and/or deposit;
ii. Management of assets and/or execution of instructions pertaining to assets...
In a nutshell, it’s the process of turning dirty money, normally cash, into clean money so that the owners can live respectfully with no connection to the crimes.
Does AML/CFT relate to the remote gaming industry?
Maltese licensed operators are required to implement anti-money laundering procedures. This is stipulated in regulation 8 (g) of the Remote Gaming Regulations (LN176 of 2004)
Is there a real risk of...