30th September 2020 The Testing Phase of the CBAR system led to the FIAU and Reporting Entities identifying a number of situations where the Reporting Entities may not be in possession of the data required to complete the XML Schema due to particular situations, such as inactive or dormant accounts. This has led to Reporting […]
29th September 2020 The FIAU has today issued a notice in response to the FinCEN Files investigation, in which suspicious activity reports (SARs) made to the United States Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) were unlawfully disclosed and information contained therein made public. The SARs and any related media articles may contain […]
29th September 2020 The Malta Financial Services Oversight newsletter is issued on a monthly basis on behalf of the Government. It contains updates and overviews of the current financial scenarios and contributions by Malta’s various regulators in relation to this industry including the FIAU. Follow this link to visit the Ministry Of Finance Website
28th September 2020 The FIAU has revised Section 4.9.2.1 of the Implementing Procedures Part I to clarify the measures that must be carried out with respect to business relationships with certain correspondent institutions. Presently, subject persons are required to undertake a specific set of enhanced due diligence (EDD) measures with respect to correspondent relationships with […]
22nd September 2020 Pilot Testing The FIAU would like to inform all the reporting entities that are obliged to report to CBAR, that the pilot testing period will resume as from 24th September 2020 and will continue until further notice. The FIAU reminds all reporting entities that, during the pilot testing, the FIAU is expecting […]
18th September 2020 The Financial Intelligence Analysis Unit (FIAU) is today issuing a revised version of the Implementing Procedures – Part II on the Application of Anti-Money Laundering and Countering The Funding of Terrorism Obligations to the Virtual Financial Assets Sector, a copy of which may be accessed and/or downloaded from the FIAU’s website. The […]
16th September 2020 Pilot Testing The FIAU would like to remind the reporting entities that are obliged to report to CBAR, that the pilot testing period will be closed today at end of day (16th September 2020 @ 11:59pm). We thank everyone who has taken part and contributed in this testing. Data Clean-Up Procedure and […]
16th September 2020 The FIAU would like to bring to your attention the latest publication issued by the FATF on the 14th September entitled: ‘Virtual Assets Red Flag Indicators of Money Laundering and Terrorist Financing’. Virtual assets (VA) and related services have the potential to spur financial innovation and efficiency, but their distinct features also […]
15th September 2020 One of the issues highlighted in Malta’s Mutual Evaluation Report revolved around the timeframe for subject persons to submit Suspicious Transaction Reports (“STRs”) to the Financial Intelligence Analysis Unit (“FIAU”) as it was deemed that the said timeframe did not provide for the prompt submission of such reports. To address this issue, […]