Greylisting creating ‘extensive delays’ for gaming operators banking in Malta – Matthew Zampa

Matthew Zampa, Founding Partner of Zampa Debattista – an advisory firm predominantly specialising in indirect taxation and financial reporting – warned of the difficulties that Malta’s greylisting will create for gaming operators who bank in Malta.

Malta’s relegation to the FATF’s greylist is behind the creation of “extensive delays in the processing of payment,” which, consequently, reduces “further the attractiveness of our country for operators within the gaming sphere,” said Mr Zampa in the latest edition of iGaming Capital.

Malta was placed on the Financial Action Task Force’s grey list in June 2021, which acts as a signal to the global business community that there are increased risks with the jurisdiction’s anti money laundering framework and the financing of terrorism.

Despite this, Mr Zampa continues, “Malta still prides itself on being home to large gaming companies” with firms based in the jurisdiction gearing up to meet the challenges ahead.

“More resources, more internal controls and stricter auditing will be very important in the daily operations of businesses operating within the iGaming sector. Companies will need to make sure their systems are up-to-date, their onboarding processes are clearly defined, and their operations are fiscally sound,” he explains.

Looking ahead, “various facets should be considered in safeguarding the iGaming industry. We need to keep working on the regulatory framework and assessing the weaknesses that put Malta on the grey list,” he recommends.

Moreover, the willingness of both the private and public sectors, as well as, “the intelligent work that is being put in by all major stakeholders should create the necessary confidence for gaming operators to believe that Malta will always be the jurisdiction of choice for the gaming business.”

This forms part of a wider feature carried in the latest edition of iGaming Capital.