Entities seeking to operate within the gambling industry are required to obtain a license issued by the relevant authorities. The process to obtain a gambling license can be quite cumbersome and requires expertise within the field.
At RSM Malta, we have been servicing the gambling industry for over 15 years. We currently provide hands-on support and assistance in obtaining the licenses under the Malta Gaming Authority (MGA) and UK Gambling Commission (UKGC).
The licensing process typically involves the following areas and requirements:
- Review of the due diligence documentation;
- Compilation of the application, Personal Declaration forms, Entity Declaration forms for the MGA, and Personal Management Licenses and Annex A forms for the UKGC;
- Reviewing/Drafting of policies and procedures as required by the relevant authorities;
- Preparation of a business plan in accordance with MGA and UKGC requirements as per International Financial Reporting Standards (IFRS);
- Holding and facilitating several meetings with the Company to discuss any specific issues relating to your application and/or operations;
- Submission of the complete application and relative documentation to the License authorities;
- Liaison and/or meetings with the authorities to ensure that the application process is completed as efficiently as possible.
Prior to obtaining the MGA license the applicant will be required to carry out a system audit, during which we will be present to provide further support.
Once the UKGC license is issued, the licensee is required to carry out a security audit within the first 6 months, and on an annual basis going forward.