A gaming company has been fined €2.34 million for operating a gaming service through a Maltese legal entity without being in possession of the necessary authorisation, the Malta Gaming Authority (MGA) said.

“Joint investigations by the Malta Gaming Authority and the Executive Police resulted in the determination that the company was processing payments to and from players as part of a gaming service which was not duly authorised,” the MGA said in a statement.

The aforementioned financial penalty has been paid in terms of a settlement which has been reached with the Authority in terms of article 25 of the Gaming Act.

Reacting, Silvio Schembri, Parliamentary Secretary for Financial Services, Digital Economy and Innovation, said the penalty “is a sure sign that our institutions are working and are being effective in their operations.”

“This is proof that our institutions work diligently, efficiently and effectively. It is being noted that this is the highest fine ever issued by the Malta Gaming Authority which proves the credibility and seriousness the authority operates with to safeguard the reputation of the Maltese jurisdiction in this field,” Schembri said.

He emphasized that this result was possible through the professional work carried out by means of a joint collaboration between the Malta Gaming Authority and the Malta Police Force.

“Such result is a clear proof of the Maltese Government commitment in implementing the recommendations put forward last year in the MONEYVAL report and in strengthening the measures taken so far by the current administration. The gaming industry is an important element of our economy and we must continue to make sure that our jurisdiction will continue to raise the bar and retain the title as Home for Gaming Excellence. The Government is committed to continue nurturing this industry, which is set to continue growing in the coming years,” Schembri said.