The Malta Gaming Authority (MGA) has taken decisive action by canceling the authorization granted to SFJL Holding, effective as of Wednesday. This move is in accordance with terms 10 (1) (b) of the Gaming Compliance and Enforcement Regulations. It marks a significant development in the ongoing regulatory scrutiny that SFJL Holding has faced, including a prior suspension of its operating license in August.
Background:
In August, the MGA suspended SFJL Holding’s operating license, preventing the company from conducting any gaming operations. The suspension was a result of SFJL Holding’s failure to comply with various gaming regulations in Malta. This included a failure to meet obligations outlined in regulatory instruments and other applicable laws. Notably, SFJL Holding was flagged under Section 9 (1) (K), where licensees must seek the regulator’s approval for certain changes within the business.
Cancellation and Directives:
In its recent decision to cancel SFJL Holding’s authorization, the MGA has issued specific directives. Firstly, SFJL Holding is instructed to settle any outstanding fees owed to the MGA within the next seven days. Additionally, the company must promptly remove any references to the MGA in accordance with Article 51 of the Gaming Act.
Financial Obligations:
SFJL Holding is obligated to submit a transaction report to the MGA within seven working days, providing evidence that all funds owed to registered players have been returned. This underscores the regulator’s commitment to ensuring the financial integrity of gaming operations and protecting the interests of players.
Appeal Process:
In the event that SFJL Holding disputes the MGA’s decision, the company has the option to appeal through the Administrative Review Tribunal. The window for submitting an appeal is limited to 20 days from the announcement of the decision. This adds a layer of transparency to the regulatory process, allowing companies to seek recourse if they believe they have been unjustly penalized.
The MGA’s decision to cancel SFJL Holding’s authorization reflects the regulator’s commitment to upholding the highest standards in the gaming industry. The detailed directives issued to SFJL Holding highlight the importance placed on financial obligations and player protection. As the company navigates the next steps, the appeal process serves as a mechanism for ensuring fairness and due process within the regulatory framework.