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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

This is a right question to ask before you actually start gambling. But, please, clarify what exactly needs to be safe. Does it refer to safety of your wallet? Or is it about your data security? Maybe mental health? To be honest, all these aspects interact with gambling activity. So, make sure each of them are okay with you.

Financial protection

Let me make everything clear for you and start with the most sensitive – your money. Playing at online casinos the first thing you do is you waste your money. Exactly, waste forever. The thing is being a new player, you will lose your deposited money even if you claim for the welcome double bonus. The bonuses are tricky, and your experience is low. So, fail is unavoidable. Only after some time of practice you will see the lucky winnings. But again, learn to play responsibly unless you want to lose all your money after the first big win. That is why it is recommended to practice in a free mode before you place actual bets.

Protection of your personal information

What should be protected more than your money? Of course, your personal data. It refers not only to your ID number, full name and the day you were born. It’s also about the documents you send to verify your account. Remember, everything that goes to Internet remains in the Internet. Besides, the banking details are all at risk when you enter them to deposit or receive your money back. Thankfully, technologies are not that simple. The encryption methods, TSL, SSL and others will not let the frauds steal your info. Online casinos apply precisely these security measures to guard your info. However, no one is really insured for connection breaks and super smart frauds.

Gambling addictions

Technical issues are clear. But what’s wrong with mental health? In fact, this is the most endangered barrier. In other words, if your mind gets obsessed with the casino games, your money and data become prone to bad conclusion of this story. So, play responsibly. This is what every online casino tell you. But let’s be honest, gambling is indeed addictive. If you feel unsure about your mental stability, you can contact the special help centres that support addicted gamblers. They can be individual like BeGambleAware or Gamblers Anonymous sites. And they can be created within online casinos. For example, Casumo with its own centre Play Okay and LeoVegas with LeoSafePlay program which you can contact whenever you feel like addicted to their games.

Conclusion

Considering the mentioned reasons, I think you have already made up your mind whether it’s safe to play online casino games for you. Anyway, you’ve already known that gambling ir risky. There’s no way to be totally safe. One aspect can come out and will pull behind another consequently.

The gambling market now offers a lot of online casinos. You don’t even know where to look first. It’s a competitive field. Analyzing one casino with its eye catching bonus system, you may think it’s the one. But then you stumble upon a different casino and now this one seems better. All in all, catchy bonuses and specific design are not the important things.

What you should think of at the beginning is safety. Safety of your data, your banking details and the whole online environment which is very often full of frauds. So, what is the safest online casino and how can you know it’s the one?

Security system

Gambling sites are vulnerable to Internet frauds. This means every casino must have unbreakable safeguard. This is the security system generally driven by a bit/SSL encryption. Casino sites protect themselves and players from all sides including private info safety, encrypted transactions and identity verification.

Generally, gambling sites post information about the security measures on their pages. Very often you can find seals of popular security systems applied. Besides, you should check the T&Cs and privacy policy to understand in what ways the casino uses your data.

Safe games

This refers mainly to the fairness of games. The game results should be random. An RNG is responsible for such results. It makes the reels spin and let out any possible combination. The same is with the cards and balls.

There are also special authorities that test the casino games. The eCOGRA and Independent Auditors can give a proof certificate of fair randomized games. If you see a seal of any testing bodies, then you’ve come to the right casino.

The safest online casinos

Frankly speaking, it’s not easy to name just one safe online casino. There are many of them that have a good reputation and nice service which also includes total safety. Let me make a list of the safe online casinos. Looking through all of them, you can make up your mind on one or two to test them.

  • 888 Casino. MGA, UKGC, Gibraltar and GBGA licenses, full protection including NoSpyware Adware, eCOGRA certificate.
  • JackpotCity casino. MGA license, SSL encryption applied, eCOGRA tested.
  • Leovegas. MGA, UKGC, Swedish and Danish licenses, Digicert SSL encryption, Independent Audits.
  • Spin Casino. MGA license, SSL encrypted, eCOGRA certificate.
  • Casumo casino. MGA license, SSL encrypted, DSS compliant, TST certificate.

Red Stag is an American online casino but it can accept players from other countries too. The casino offers to play many table games and slots. And it has a phenomenal welcome package of $2500. As for the banking options, it accepts even bitcoins. However, not every method is dedicated to withdrawal. As a rule, there are more deposit options which are also faster than payouts. In fact, Red Stag swears the payout takes up to 3 days to process. However, let’s take a closer look at these options and time of their transfer.

Payment Systems

  • Bank cards. Mastercard or Visa are the most popular options. They accept only deposits and take no fees by Red Stag. As for the waiting time, all deposits are made instantly including the credit cards or debit.
  • Prepaid cards. Deposits only. They include Neosurf, PaySafeCard. The prepaid cards usually need some time for processing, like 1-2 days.
  • E-wallets. Skrill and Neteller are the fastest deposit and payout options in the list. They take almost no time to transfer. The maximum waiting period is 24 hours, but you’ll get the payment in less time, for sure.
  • Sofort. It’s a payment system leading in Europe. The service is intended for deposits only. It takes a maximum 4 days for processing. However, it may be instant too. It all depends on the load traffic of requests and security checks.
  • Bitcoin options. Red Stag offers several bitcoin systems: Litecoin, Bitcoin, and Bitcoin Cash. They are applied for withdrawals and deposits. As a rule, bitcoin’s system is one of the fastest. Up to 12 hours is the transferring period.
  • Cheque. It’s for withdrawals only. Casino delivers a cheque to you. This is the longest option of all, but some people like it. It takes 5-7 days to transfer the winnings.

Conclusion

Above I’ve mentioned only the average transferring time for withdrawals and deposits by Red Stag. Of, course, the actual time depends on other reasons too. For example, the online casino security service might need to verify your account and ask for some docs from you. After everything is confirmed, they will start the process of requesting at the payout option that you’ve chosen. That is why it takes so long. But don’t be annoyed, keep doing your things and the money will come.

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