In Malta, various activities are subject to licensing and supervisory oversight. The best known examples include financial services and gaming activities. In both cases, licensing is a complex procedure, and licenses will not be issued without first having successfully completed strict scrutiny review.
Financial Licensing in Malta is Subject to Intense Review
The Maltese Financial Services Authority (MFSA) is responsible for all financial licensing in Malta (e.g., licensing financial advisors, financial or insurance brokers, investment funds or platforms or even in regard issuance of a banking license). Each licensing application is dealt with individually on a case-by-case basis. That means that there is no uniform process according to which one might be assigned to a certain service sector. Rather, the authorities will pre-review each application and then review the following items in a subsequent procedure lasting at least 12 months: the business case, each involved person, each supplier, each account, risk management, compliance rules, the KYC-rules and substance in Malta, etc. In short, the entire enterprise is subjected to intense review and analysis. All involved persons must submit their CV’s, police clearance certificates, bank references, and academic and professional certifications. Additional, the authorities actively research criminal records and the submitted references. All in all, therefore, an application can easily amount to a few hundred pages. Dr. Werner & Partner will support and accompany you through the entire licensing process and, where necessary, will involve additional partners.
Gaming License in Malta with Good Reputation
Gaming licenses are also issued on a case-by-case basis, whereby the process is more clearly structured given the highly developed regulatory framework. Still, all involved persons are required to submit a conglomerate of documentation. The real hurdle in this process, which is oftentimes underestimated, is of a technical nature. The respective gaming system (e.g., front-end, back-end, random number generator, connection to a payment processor) including the application structure and server structure must already be partially complete or at least in development; otherwise, licensing in Malta cannot begin. Whereas there may be numerous providers in Malta offering “turnkey” systems, these must still be adjusted and optimized, which in practice may take weeks or months to achieve.
Malta Gaming License: Different Types of Licenses
The type of Maltese license issued is based on the underlying offering, such as casino, betting or pool betting or providing a platform. It is important for all interested parties to be fully aware of the fact that the entire market, and especially its legal and regulatory components, is constantly changing. That means that under certain circumstances operators with a Maltese license may be required to obtain licensing in another jurisdiction, as well, as is the case for example in the UK, Italy, Denmark and France. Other countries may soon follow, whereby one can assume that it will be easier to obtain any further licensing if one has already obtained a Maltese license. From a regulatory standpoint, Maltese “Remote Gaming Licenses” enjoy a high reputation. Dr. Werner & Partner can help you in regard to all aspects of Maltese gaming licensing.
DOES MY BUSINESS IDEA REQUIRE LICENCING?
We’ll be happy to check with the authorities for you.
DO DR WERNER & PARTNER GUARANTY RECEIPT OF A LICENCE?
No. Still, we have a 100% success rate in terms of gaining licencing.
WHY DOES IT TAKE SO LONG?
The licensing authority examines every aspect of the application. This goes as far as analyzing individual functions even at the link and button level of a website. Additionally, all involved parties are checked for criminal records and debt at the European level.
HOW LONG WILL IT TAKE UNTIL I RECEIVE A GAMING LICENCE?
At least 12 months. This will strongly depend upon what the applicant is bringing along in terms of technology. Most interested parties seriously underestimate the time required and related financial expense.
HOW LONG WILL IT TAKE UNTIL I RECEIVE A FINANCIAL LICENCE?
Depending on the licence, 12–24 months.