The Malta Gaming Authority (MGA) has officially revoked the authorization granted to SFJL Holding. The decision, effective as of November 8, 2023, is based on Regulation 10 (1) (b) of the Gaming Compliance and Enforcement Regulations, as stated on the MGA’s website.
This action follows a prior suspension of SFJL Holding’s operating license in August, during which the company was barred from conducting any gaming operations. The suspension was triggered by SFJL Holding’s failure to comply with various gaming regulations in Malta.
Notably, this included a ‘failure to comply with obligations in terms of regulatory instruments or other applicable law’ and a ‘flagged Section 9 (1) (K), requiring licensees to seek the regulator’s approval for specific changes within the business.’
The MGA’s recent statement detailing the cancellation of authorization comes with specific directives for SFJL Holding. The company is instructed to settle any outstanding Compliance Contribution fees within the next seven working days.
Concurrently, SFJL Holding must promptly remove any references to the MGA and its authorizations, aligning with the stipulations of Article 51 of the Gaming Act.
Additionally, SFJL Holding is obligated to submit a comprehensive transaction report extracted from its back-end system, along with supporting bank statements.
This report must confirm the proper remittance of all funds owed to registered players. The company has a tight deadline of seven working days to fulfill this requirement.
In case SFJL Holding seeks to contest the MGA’s decision, it has the option to appeal through the Administrative Review Tribunal. The regulatory framework allows the company a 20-day window, starting from the announcement of the decision, to initiate the appeals process.
Original article: https://www.yogonet.com/international/noticias/2023/11/14/69630-mga-cancels-sfjl-holding-39s-authorization-due-to-noncompliance-of-various-gaming-regulations
