New Key Function rules – milestones you need to be aware of for Internal Audit in 2022
Policy on the Eligibility and Ongoing Competency Criteria for Key Persons was published in October 2021.
In accordance with the Gaming Act (Cap. 583 of the Laws of Malta) and the binding instruments issued thereunder, Authorised Persons are required to designate the persons responsible for carrying out Key Functions. Such persons are, in turn, required to undergo scrutiny for the Authority to assess their fitness and propriety. Key Persons are required to have full knowledge, understanding and access to the Authorised Person’s operations, as may be necessary for them to carry out their respective Key Function/s.
Internal Audit is classified Key function, and the licensee has to appoint an individual in this role who meets the eligibility criteria considered by the Authority.
Upcoming milestone
By the end of May 2022, existing Key Persons shall apply to the Authority to be approved to fulfil the newly designated Key Roles in terms of the Directive as amended on 20 October 2021. A new Key Function Certificate shall be issued by the Authority to this effect, provided that the Key Person shall still be allowed to carry out the previous Key Role/s until the date stipulated in paragraph (iv). The failure of any existing Key Person to file such application by the stipulated deadline shall result in the Authority revoking the Key Function Certificate previously held by such person
How can Zampa Partners Assurance assist you with respecting the regulatory requirements?
Individuals have to go through the Authority assessment to get the required certificate.
Our team has exhaustive knowledge and experience to carry out the relevant activities and assure a smooth approval process.
On top of respecting the regulatory requirements, we will support you to:
- Improve your processes and controls,
- Identify weaknesses and recommend actions,
- Facilitate correspondence with the Authority
- Prepare quarterly reports to the Supervisory Board
Source: MGA – Policy on the Eligibility and Ongoing Competency Criteria for Key Persons
