MGA launches consultation on ESG Code

The Code aims to prepare Malta-licensed gambling operators for new ESG legislation, such as the EU Corporate Sustainability Reporting Directive.

Malta.- The Malta Gaming Authority (MGA) has opened a consultation on a draft Environmental, Social, and Governance (ESG) Code of Good Practice. The regulator will take feedback from its licensees to finalise the development of the Code, which aims to prepare licensees for new ESG legislation, such as the EU Corporate Sustainability Reporting Directive.

The MGA began developing the code last year and launched a survey on ESG in January to take input from licensees. Malta has a voluntary ESG reporting platform but under new EU reporting requirements, a broader range of EU-based large companies and listed SMEs will be required to report on sustainability from 2024.

The draft version of the code was developed through three stages, starting with a peer review and research before materiality assessment and stakeholder interviews. The Code initially applies to online gambling, but the MGA said it may extend the code to the land-based gambling sector.

Malta’s financial watchdog fines Glitnor Group

The Maltese Financial Intelligence Analysis Unit (FIAU) issued a €236,789 fine against Glitnor Group for breaches of anti-money laundering (AML) regulations. The operator, which is licensed by the Malta Gaming Authority (MGA), was found to have breached the Prevention of Money Laundering Act (PMLA).

The sanctions relate to a compliance review carried out in 2019. The FIAU identified failings in areas involving customer and business risk assessments, policies and procedures and customer identification and verification.