MGA suspends Arabmillionaire Limited license

The Malta Gaming Authority has suspended the authorization of Arabmillionaire Limited issued under MGA license MGA/B2C/425/2017. The suspension has been in effect since October12, 2022, and prevents the company from operating and conducting any business under an MGA license. It’s part of the Gaming Compliance and Enforcement Regulations maintained by the MGA to ensure the integrity and safety of the gaming industry.

Arabmillionaire is no longer allowed to carry out anyonline gambling operations, accept newcustomer deposits, or register new players. However, the operator must still honor any outstanding payments and assist players in withdrawing their funds. All of this should be done in line with the applicable law, the MGA notes in an official press statement.

The MGA noted down the breaches that have been committed by the company that merited its license suspension. Those included failures to comply with various orders issued by the MGA, including but not limited to money laundering and the financing of terrorism. According to the regulator, the operator had failed to respond in a timely manner to the petitions by the MGA.

Nevertheless, the MGA confirms that its decision may still be appealed if the operator chooses to. In the meantime, the Malta Gaming Authority has been particularly active when it comes to the illegal gambling market in the country. The watchdog has issued a renewed attempt to make sure that it keeps such operators at bay.

The regulator is also hoping to involve as many general public people who are able to assist it by better understanding what the unregulated market is and how to avoid it. Many companies may appear legitimate, but they often aren’t, explains the MGA in a recent statement published on its website.

Instead, players need to always verify that the online casino they are accessing is indeed licensed and has permission to operate. The MGA is also in a process of gathering public evidence in order to protect players.

The consultation involves industry stakeholders, public opinions, and operators’ feedback, all of whom have been asked to contribute so that any changes the MGA does are based on fact, not presumption. The case of Arabmillionaire is just one of many, as the MGA remains focused on upholding the rule of law and addressing issues with the gambling industry.

Image credit: Unsplash.com