An MGA licence is the gold standard for iGaming banking access. Learn how Malta-licensed operators can open accounts with European banks and EMIs, and what compliance banks expect.
The Malta Gaming Authority (MGA) licence is the most commercially valuable gaming licence in the world for one specific reason: it unlocks banking that no other iGaming jurisdiction can match. Banks that decline operators licensed in Curaçao, Kahnawake, or Anjouan will routinely onboard MGA-licensed operators — because the MGA's regulatory framework, combined with Malta's status as an EU member state, provides the compliance assurance that banks need to satisfy their own regulators.
This guide covers the full banking picture for MGA-licensed operators: which institutions are accessible, what the licence requires, how the corporate structure should be set up, and how payment processing differs from other jurisdictions.
The Malta Gaming Authority (MGA) licence is widely regarded as the most commercially valuable gaming licence in the world. It combines EU regulatory credibility, broad market access, and a competitive corporate tax framework — making it the preferred licensing choice for iGaming operators who are serious about long-term, scalable operations.
For banking purposes, the MGA licence is a critical differentiator. Banks that will not open accounts for Curaçao-licensed or Anjouan-licensed operators will routinely onboard MGA-licensed operators — because the MGA's regulatory framework provides the compliance assurance banks need to satisfy their own risk management obligations.
Malta's position as an EU member state means that MGA-licensed entities incorporated in Malta have access to the full EU banking market. They can hold IBAN accounts with EU banks, process SEPA payments, and access correspondent banking networks that are entirely closed to operators licensed in offshore jurisdictions.
The MGA issues licences across four gaming service licence (B2C) types:
B2C Licence (Type 1): Games of chance where the outcome is determined by a random number generator — online casino, slots, table games, live dealer.
B2C Licence (Type 2): Fixed-odds betting, including sports betting, financial betting, and betting on virtual events.
B2C Licence (Type 3): Peer-to-peer games — poker, bingo, exchange betting — where players compete against each other rather than the house.
B2C Licence (Type 4): Controlled skill games — games where the outcome is influenced by the player's skill.
The MGA also issues B2B licences for software providers, platform operators, and other gaming service providers who supply services to B2C operators.
Key MGA licence conditions: operators must maintain a Maltese registered company, appoint a Key Function holder for each regulatory function (AML compliance, player protection, responsible gambling), maintain player funds in segregated accounts, and file regular regulatory returns with the MGA.
MGA-licensed operators have the best banking access of any iGaming jurisdiction. Options available include:
Maltese banks: Bank of Valletta, APS Bank, and MeDirect all have dedicated iGaming banking teams. For MGA licensees incorporated in Malta, these institutions offer full current accounts, multi-currency facilities, and merchant services. Opening timelines are 4–8 weeks for well-prepared applications.
EU banks and EMIs: An MGA-licensed, Malta-incorporated entity can access banking services from any EU member state. Lithuanian and Estonian EMIs (Paysera, Revolut Business, Genome, Mistertango) offer fast onboarding. Dutch, German, and Spanish banks have also opened accounts for MGA operators, particularly those with established trading histories.
UK banks: Post-Brexit, UK banks assess MGA licensees on the same basis as other international gaming operators. UK-regulated operators (UKGC licensees) have an advantage, but MGA operators with a UK establishment or substantial UK revenue can access UK banking.
Swiss banks: Select Swiss private banks and wealth management institutions serve MGA operators for treasury and holding company banking. These relationships typically require minimum balance commitments and are most appropriate for larger operators.
Offshore banking: MGA operators also use Georgian and Cypriot banks for specific operational needs — particularly for markets where EU banking rails are not needed or for treasury management across multi-entity groups.
The banking access differential between MGA and Curaçao licensees is significant:
Regulatory credibility: The MGA is a FATF-compliant EU regulator with a documented enforcement record, published compliance guidelines, and regular operator audits. Banks can verify an MGA operator's compliance history publicly. Curaçao historically offered limited visibility into operator compliance.
EU incorporation: An MGA licensee must be incorporated in Malta — an EU member state. This means the entity is subject to EU AML directives, GDPR, PSD2, and the full body of EU financial regulation. Banks treat EU-incorporated entities fundamentally differently from offshore-incorporated entities.
AML framework: The MGA mandates a comprehensive AML/CFT framework aligned with the Financial Intelligence Analysis Unit (FIAU) guidelines. Operators are externally audited on AML compliance. Banks can rely on the MGA's oversight rather than having to underwrite the operator's compliance from scratch.
Player fund segregation: The MGA requires licensed operators to segregate player funds in dedicated, clearly labelled accounts. This is a banking-relevant compliance requirement that reduces the bank's risk from commingled funds.
Processing history: Because MGA operators have better banking access, they build cleaner processing histories faster. This creates a virtuous cycle: good banking access enables better payment processing, which generates the clean financial records that banks use to assess creditworthiness.
Obtaining an MGA licence is more demanding than a Curaçao licence but the investment is justified by the commercial and banking benefits.
Timeline: The MGA targets a 4-month review period from submission of a complete application. In practice, operators should plan for 6–12 months including pre-application preparation, response to MGA queries, and post-approval setup.
Cost: The application fee is €5,000 (non-refundable). Annual compliance contribution ranges from €25,000 to €35,000 depending on licence type. System audit (required for B2C operators) costs €5,000–€25,000 depending on the scope.
Requirements:
Interim approval: The MGA offers a Critical Gaming Supply licence that allows operators to begin B2B activity while the full B2C licence application is processed — reducing the time to first revenue.
The MGA's AML/CFT framework is among the most demanding in iGaming. It is aligned with the EU 6th Anti-Money Laundering Directive (6AMLD) and implemented through the Prevention of Money Laundering Act (PMLA) in Malta and FIAU guidelines specific to the gaming sector.
Key requirements:
MLRO appointment: Every MGA licensee must appoint a named Money Laundering Reporting Officer (MLRO) who is a fit and proper individual with compliance experience. The MLRO is responsible for the AML programme, STR (Suspicious Transaction Report) filing, and regular AML reporting to the FIAU.
Customer Due Diligence (CDD): Standard CDD applies to all players from registration. Enhanced Due Diligence (EDD) is triggered at defined thresholds — typically €2,000 in cumulative deposits over 30 days — and for any player who displays higher-risk characteristics.
Source of funds: Players who deposit above threshold levels must provide source of funds documentation — payslips, bank statements, investment records — demonstrating that the deposited funds originate from legitimate sources.
Transaction monitoring: Operators must implement a transaction monitoring system (TMS) capable of identifying patterns consistent with money laundering, including structuring, rapid deposit-withdrawal cycles, and geography-inconsistent funding patterns.
Annual AML audit: MGA operators must undergo an annual external AML audit by a qualified third party. The audit report is submitted to the FIAU.
Training: All staff in customer-facing or compliance roles must receive documented AML training annually.
Banks that serve MGA operators can rely on the FIAU audit requirement as a proxy for AML quality. The external audit creates a level of assurance that self-reported compliance frameworks (common in lower-tier jurisdictions) cannot match.
Most MGA operators use a multi-entity structure:
Maltese Operating Company (OpCo): Holds the MGA licence, operates the gaming platform, and contracts with players. This is the entity that applies for Maltese banking and holds the segregated player funds account.
BVI or Cayman Holdco: Owns 100% of the Malta OpCo. Holds the group's equity and receives dividends from the Malta entity. Uses Malta's dividend withholding tax exemption (available for non-resident shareholders in many treaty jurisdictions) to extract profits tax-efficiently.
IP Holding Vehicle: A separate entity (often Ireland or the Netherlands) holds the gaming platform software, trademarks, and domain names. It licences these to the Malta OpCo for a royalty fee, which reduces the OpCo's Maltese taxable income. This must be structured in compliance with OECD transfer pricing rules and genuine economic substance must exist in the IP holding jurisdiction.
Malta's corporate tax system features an effective rate of approximately 5% after shareholder refunds — one of the lowest in the EU for qualifying profits. This makes Malta not just a licensing jurisdiction but also a genuinely tax-efficient domicile for iGaming businesses.
MGA-licensed operators have access to a significantly broader range of payment processors than operators licensed elsewhere:
Tier 1 acquiring banks: Processors like Worldpay, Barclaycard, and Nets — which decline most Curaçao operators — will underwrite MGA licensees. This access to Tier 1 acquiring typically means lower processing rates and higher volume ceilings.
iGaming payment specialists: Nuvei (SafeCharge), PaymentIQ, Paysafe, and similar platforms have dedicated MGA licence tracks that reduce onboarding time and offer pre-negotiated rates for MGA operators.
Processing rates: MGA licensees typically achieve card processing rates of 2.5–4.5% — compared to 4–7% for Curaçao operators — because the regulatory quality reduces the acquirer's risk premium.
Alternative payment methods: SEPA instant credit transfer, iDEAL, Trustly, Sofort, and other EU-based bank transfer methods are available to MGA operators through their EU banking relationships. These methods have lower processing costs and negligible chargeback risk.
Rolling reserves: MGA operators with established histories often negotiate lower rolling reserves (5% vs 10%) and shorter release periods (90 days vs 180 days) than operators in lower-tier jurisdictions.
GetBanked works with MGA licensees at every stage of their banking and payments journey:
Pre-licence: We advise operators on corporate structure optimisation — ensuring the Malta entity, holdco, and IP vehicle are structured to maximise banking access and tax efficiency from day one.
Banking setup: We manage the Maltese bank application, EMI onboarding, and offshore treasury account setup in parallel — ensuring accounts are active before the operator's launch date.
Payment processing: We connect operators with the right acquiring partners for their specific game verticals, player geographies, and expected volumes — negotiating rates and reserve structures based on the operator's specific risk profile.
Ongoing compliance support: MGA compliance is an ongoing obligation. We help operators prepare for FIAU audits, review AML policies, and manage banking relationships over time.
GetBanked sets up banking, payment processing, and corporate structure for MGA operators — fast.
Submit a free pre-approval in 2 minutes. We respond within 24 hours with a realistic outcome.
Get Free Pre-Approval