Maltese Gaming Authority about Anti-Money Laundering Regulations

One of the most popular regulators of online casinos, “Malta Gaming Authority” believes that the current work of anti-money laundering regulations is not enough to fully control the gambling sector, which operates under a Maltese license.

The Financial Intelligence Analysis Unit (FIAU) has published a report which states that casinos under Malta’s jurisdiction are not providing the required amount of data in order to prevent money laundering (AML).

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A well-known and reputable organization analyzed how casinos collect information about high-risk players. All this data does not carry any significance in terms of preventing money laundering and financial terrorism. The organization described the fact that providers of online gambling mostly collect unnecessary information to create a profile. Players are not required to provide detailed information. For example, a casino reports that a player has a job and is currently working, but does not provide specifics, at least, at what industry he/she works.

The FIAU also says that one of the casino operators with a license could not fully control the measures of users’ activity. On top of that, a large share of casino players was located in countries with high levels of risk. As a result, some players placed gigantic bets, at very low odds.

Among the common violations by casinos, the organization reports that regulators do not control the limits of users spending on betting in online casinos. Also, they marked the irresponsible attitude toward making a reliable risk assessment for each player. This issue concerns 11.6% of all Maltese operators.

The FIAU Fact Sheet indicates that there has been an increase in reports of suspicious money-laundering transactions in Malta across all sectors. Back in 2018, there were around 1,668 cases, while in 2020 – over 5,000. The gambling sector and banking are among the leaders in this anti-rating.

What is Malta Gaming Authority?

In order to protect players from such scammers, a licensing system has been developed in a number of countries. Nowadays, a number of countries and state entities issue such a license to online casinos. The most reliable and popular gambling authorities are Malta, Great Britain, Denmark, Curacao, and others. Each of them has its own characteristics. If you’re interested in the Malta Gaming Authority, we will analyze in detail the Malta license.

Pros and cons of Malta online casino license

Like any other gambling jurisdiction, Malta has its own features. Let’s highlight the main advantages:

The registration process takes place in the territory of Malta. As a result, the company receives the status of EU international company.
The Maltese jurisdictions have a great reputation, which means that a casino with a license of Malta increases the prestige.
Malta Gaming Authority can issue the license to all types of games. This is a unique option of this regulator. Besides the online casino games and slots, regulators give permission for sports betting, lotteries, poker rooms, and other games.
There is no restriction concerning the devices to play. Casinos can offer online, offline, mobile gaming with applications, and desktop games.
Maltese license is well-known around the world. Other companies pay respect to such a gambling regulator.
The license guarantees the top protection and safety of doing business
Maltese banks provide tax incentives by opening a business account. They guarantee the top level of banking services.
Offshore casinos can also get the Maltese license, and receive the same benefits, and privileges as a local casino.
You don’t need to pay any service fees to transfer the business to the jurisdiction of Malta.

But besides the advantages of this license, there are a number of disadvantages for the owner of an online casino.

Disadvantages

The main disadvantage of having the license of Malta is the high rate of tax payments.
Also, it is the necessary precautions to ensure the safety of the players. This document gives reliable protection in case of document theft. Therefore, before starting to play, it is important for the user to check the availability of a license. And make sure it is from Malta since you can be sure of its safety. Most often, you can find the logo in the footer of online casinos. However, fake sites also put documents as it’s a licensed casino. In fact, it’s better to check the license of the site of a regulator. Go to the official site of Malta Gaming Authority and look for a casino in the list.

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FAQ

Can you win real money online casino?

Money rules the world, as they say. And this is the real reason why players come to online casinos. However, not everyone can win big money on these casino sites. There are several factors that affect whether you win or not.

Luck

The first thing that mustn’t be failing on the players’ side is their luck. You know how it works. Sometimes your hand is so lucky that you win every round in a row. But there are days when you have failure after failure. So-called rainy days are affecting not only game results but your emotional status as well.

Randomizer – RNG

This thing was created to avoid any kind of cheating by online casinos and users. Users are safe to get the fair results, and online casinos know their games are not broken. Random number generators can directly influence the results of your session. Basically, it’s the same with luck. You either get a positive spin or negative one, and you can’t say which will be the next.

Addiction level

The most popular reason why players can’t win money and finally withdraw is that they can’t stop. Their mind tells them to keep spinning. They are hypnotized, so to speak. Whenever they feel like winning, they spin more and more. Eventually they win nothing. So, if you are an addicted gambler, even though you don’t know it, you can hardly win much on online casinos.

Small deposits

It can sound strange, but if you deposit too little, say $20, you can easily lose them all away. This is kind of a setting of RNG. They are programmed to leave a certain percent of your money to the casino (house edge). By the way, you automatically agree with this when you launch a game, as is stated in the gamerules. So, when you place bets and play, you are starting to lose the deposited money. And in order to get them back you need to place more bets. But the point is you might have run out of money. As a result, you’re left with nothing.

Concluding points

Players can win real money. Online casinos really pay out. If you fail to get the winnings, then probably you are lacking one of the mentioned factors. Thus you need to check them all in your case. If you can’t quit a game at the right time, work it out. If you deposit too small sums, make it a bit bigger. Finally, when you think the problem is your luck or randomizer, you need to take time and relax. Additionally, make up a betting strategy and place limits to the bets. After you get necessary experience, you will see how the real money can fill your bank account.

Is verification important for a quick withdrawal?

The verification procedure performed in advance (comparing the account data with the player’s documents) allows not to carry out this verification when withdrawing funds. After verification, the withdrawal goes as quickly as possible.

Is online casino real?

The online casinos make people feel concerned about their fairness and real existence at all. It derives back from history that casinos are hard to trust, say nothing of the online casinos. They are, basically, just online platforms with games. You can’t enter them like a land-based casino, you can’t touch the slot machines or tables.

Still, the number of online gamblers increases every year. This makes sense to suppose that the sites are real and trusted. People really come, play and win. To tell the truth, there is no better proof than the real players who win money.

How do I know the online casino is real?

In fact, this is very easy to check. The casino site must meet the requirements of the legalized casino. What are these requirements? Generally, the real sites are transparent and have the necessary info right on the site.

Company data. Like any other industrial company, the casino head company must be officially registered. The owners register sites according to the country jurisdictions thus they have official docs and info about the company. Usually you can see this info in the bottom of the casino webpage.
License. A casino site is nothing without a license. Players will hardly trust it. So, it’s vital for the gambling sites to request for a license. The most reputable licensees are the MGA and the UKGC. However, there are authorities from other countries that issue the official papers. You can see the license sign on the gambling site too. It means that the casino is real.
Certificates. The seals of approval is yet another thing which you need to search for on the site page. The seals have logos of eCOGRA or Independent Auditors. They are the bodies that test the games and confirm they are fair and random. These certificates of approval are quite important as online gaming is your actual activity on the casino.

Concluding

The real casinos are easy to find judging by the mentioned points: company info, licenses and certificates. However, even this is not the 100% guarantee that the casino is not fake. The frauds can simply place some fake info on their site. To avoid this you need to go further with the investigation: search for the license number and company info on other web sources. It will help you to understand if the site is completely real, safe and well-trusted.