MGA proceeds with Arabmillionaire licence cancellation

The Malta Gaming Authority has confirmed the cancellation of the operator’s B2C gaming licence.

Malta.- The Malta Gaming Authority has cancelled the B2C gaming licence of Arabmillionaire due to breaches of regulations. It had suspended the licence last year.

The MGA had warned Arabmillionaire that its licence could be cancelled if it did not address several failings. It cited failures to comply with MGA orders, fulfil regulatory obligations and discharge financial commitments. It also breached anti-money laundering and counter-terrorist financing rule and failed to pay its licence fees.

Arabmillionaire had responded that it was conducting a major restructuring and asked for its licence to be frozen to give it time to address the issues. This led to the licence suspension last October. However, 12 months later, the MGA says that Arabmillionaire has still not addressed the failings. It said the operator had failed to cooperate with the regulator or to respond to communications. Meanwhile, the regulatory breaches continued.

The Maltese regulator ordered Arabmillionaire to pay outstanding licensing fees, including €25,000 for the period beginning June 13, 2022, and the same amount for the period from June 13 of this year, within five days of the cancellation notice.

It also ordered Arabmillionaire to advise customers of the licence cancellation via its website and email and to provide details on how players can access any remaining funds in their accounts. Customers that request a withdrawal must be given their funds within five working days. Failure to do so could lead to criminal action, the regulator said. The MGA will require a transaction report as proof of the transfer of player funds. The licence cancellation can be appealed.

It’s the latest MGA licence cancellation, following the termination of Tipster’s licence last month. In the case, the decision was taken because of the company being wound up.