The Maltese gambling regulator, Malta’s Gaming Authority (MGA), has suspended one of its licensees after the latter failed to comply with the regulations. The company in question is Field of Fortune, which was found guilty of not paying the required fees.
Field of Fortune Failed to Pay Its Fees
According to regulation 9 (1) of Malta’s Gaming Compliance and Enforcement Regulations, all MGA licensees are required to pay a fee to the regulator. In addition, the regulations state that these payments should be done in a timely manner. Field of Fortune failed to comply with both rules.
Citing the MGA, here are the two reasons for which the regulator opted to cancel Field of Fortune’s license:
The Authorised Person has failed to discharge financial commitments to the Authority for its operations.
The Authorised Person has failed to pay in a timely manner all amounts due to the Authority.MGA’s Gaming Compliance and Enforcement Regulations
However, Field of Fortune failed to pay up, according to the MGA. The Authority has, therefore, taken the appropriate action, which is to suspend the operator’s license. The suspension was backdated to June 28, 2022, onwards.
This means that Field of Fortune will no longer be able to offer its products in regions regulated by the MGA. In addition, the company will be required to immediately settle all outstanding fees owed to the Authority.
MGA Is Cracking Down on Non-Compliant Companies
The news of Field of Fortune’s license suspension comes just a few days after the MGA suspended another operator. Three days ago, the regulator announced that it will be canceling Bet In Best’s (BIB) license for similar reasons.
The MGA first warned BIB of its failings in December but the company promised that it would rectify the breaches. However, the operator failed to do so in the several months the Authority granted it. As a result, the regulator had no choice but to suspend BIB.
This is what the MGA had to say on the matter:
Following submissions made, the Authorized Person was granted an extended time period within which it could rectify the breaches outlined in the Notice and regularize its position at law. The Authorized Person, however, failed to do so within the stipulated time period.MGA statement
Malta was recently removed from the FATF gray list, which lists jurisdictions that are safe for doing business. Because of this, the MGA will have to crack down on non-compliant operators and work extra hard to make sure Malta returns to the list.