In a recent development, the Malta Gaming Authority (MGA) and the UK Gambling Commission (UKGC) joined forces in a productive meeting to explore collaborative efforts in responsible gambling, sports betting integrity, and anti-money laundering (AML).
During their two days together in Malta, MGA CEO Carl Brincat and Chief of Policy and International Affairs Kinga Warda had insightful discussions with UKGC CEO Andrew Rhodes and Executive Director for Operations Kay Roberts.
Emphasis On Sharing
To guarantee the best levels of player safety and fair play within their respective jurisdictions, both regulatory authorities put a heavy focus on knowledge-sharing activities between their respective Responsible Gambling teams.
The authorities acknowledged the importance of information sharing in the areas of sports betting integrity, AML/CFT, and compliance, and they agreed that cooperation and coordination were necessary to successfully address the difficulties related to and facing the gaming sector.
At the conference, the MGA presented the findings of a sandbox it had set up to investigate the use of Distributed Ledger Technologies (DLTs) and the adoption of cryptocurrencies by gaming operators. This forward-thinking effort resulted in the release of a specific policy at the beginning of the year, illustrating the MGA’s readiness to adopt new technology while maintaining regulatory rigour. The findings laid the groundwork for new efforts and regulatory improvements.
On the other hand, the UK Gambling Commission (UKGC) updated the audience on the status of the UK’s Gambling Act White Paper. By sharing their knowledge and insights, the regulators were better able to comprehend one another’s methods and progress, leading to a more thorough and fruitful joint effort.
Formalizing the Collaboration
The MGA and UKGC explored creating a Memorandum of Understanding (MoU) to formalize their connection and strengthen their alliance. Consistent efforts to advance responsible gaming standards and successfully prevent money laundering would be facilitated by this formal agreement’s framework of formalized partnership.
The MGA and UKGC’s joint initiatives demonstrate their dedication to working together on a global scale to solve the industry’s most intractable problems. These regulatory bodies are leading the way in establishing fair gaming policies and enforcing stringent anti-money-laundering precautions because they pool their resources and share knowledge. They have shown that regulatory authorities all around the globe may benefit from working together by sharing information and pooling resources to make the gaming industry more secure.