Consequently, ArabMillionaire is no longer authorised to conduct any gaming operations, register new players or accept customer deposits.
Players already registered must be allowed to access their accounts, and ArabMillionaire is required to return all funds “standing to the credit of players.”
The suspension is a response to several alleged violations of Malta’s gaming regulations, including those designed to prevent money laundering and terrorist financing.
“This sanction is being imposed upon the authorised person,” the MGA said, “for having breached the following provisions emanating from reg. nine of the Regulations.”
ArabMillionaire, or as the MGA calls it, “the authorised person,” was found “in breach of the laws or regulations at any time in force for the prevention of money laundering and financing of terrorism.”
The licensee also stands accused of failing to comply with an order issued by the MGA and failing to “discharge financial commitments for its operations.”
Moreover, the MGA said ArabMillionaire did not pay in “a timely manner” all amount “due to the Authority.” However, ArabMillionaire may appeal the MGA’s decision under the terms of article 43 of Malta’s Gaming Act.
Licensees originally had until today to provide any feedback, but this was extended earlier this week, granting them an additional 10 days, or until Monday 24 October.
This, the MGA said, “will allow all stakeholders additional time to thoroughly review the amendments.”
