A gaming enterprise, Arab Millionaire Limited, had its authorization rescinded by the Malta Gaming Authority (MGA) due to non-payment of licensing dues for a period of two months.
An initial notification was issued by the MGA on August 4, 2022, granting Arab Millionaire a 23-day window to contest the decision. Rather than pursuing an appeal, the company sought a temporary suspension of its license in order to address the unresolved matters. This request was approved on October 12, 2022, providing them an opportunity to rectify the situation.
However, Arab Millionaire neglected to resolve the issues or cooperate with the MGA. Furthermore, it appears they also failed to remit their 2023 licensing fees by the June 13th cutoff, resulting in a two-year delinquency.
Consequently, the MGA opted to annul Arab Millionaire’s license. This serves as a clear indication that even well-established firms are not exempt from regulatory requirements, and neglecting to fulfill these obligations can lead to significant repercussions.
The Malta Gaming Commission (MGC) is compelling a business named Arabmillionaire to be transparent with its users regarding significant concerns. They are obligated to provide all their customers with a method to access their funds and furnish them with explicit directions on the procedure.
Furthermore, Arabmillionaire is mandated to submit a comprehensive account of these financial activities to the MGC and remit a substantial penalty of €50,000 (approximately $52,820) within five business days.
Although the enterprise has the option to challenge this ruling in a court of law, they remain accountable for the time being. Failure to comply and any perceived delay tactics could result in more severe consequences from the MGC.
