B2c Gaming license of Star World Limited, the company which operates the Mr.Ringo online gambling brand has been revoked.
Malta Gaming Authority (MGA) revoked Star World’s license as it found the gambling operator violating the gaming compliance and enforcement regulations.
While the company has the option to challenge the gambling authority’s decision, as of now, it’s gambling license stands suspended with immediate effect.
Following the suspension of its B2C license, the gambling operator is barred from carrying out any gambling operation including registering new players and accepting fresh deposits from existing customers.
Star World will continue to allow its existing users access to their accounts and is liable to process a refund of deposits in the existing accounts.
Malta has been infamous for being a safe tax haven for gambling enterprises. Recently, Moneyval, which is a prominent Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism, has said that Malta needs to do more to rein in the syndicates which are involved with financial crimes including money-laundering and terrorist financing.
In its report, charging the Maltese government, Moneyval said that they need to do more to ensure there is no money laundering in their banking and online gambling industry in particular.