FIAU issues Consultation Document on the Implementing Procedures – Part II for Collective Investment Schemes and Related Service Providers
The Financial Intelligence Analysis Unit (FIAU) has today issued a Consultation Document on the Implementing Procedures – Part II for Collective Investment Schemes (CISs) and related Service Providers.
The document sets out how the FIAU envisages that CISs and related Service Providers are to meet their obligations under the Prevention of Money Laundering and Funding of Terrorism Regulations. The proposals seek to provide an answer to a number of questions, including how beneficial ownership requirements are to be applied within the context of CISs and what on-going monitoring obligations CISs and their related Service Providers have. In addition, the document tries to adopt as holistic an approach as possible by also providing some ML/TF risks that are of specific relevance within the context of CISs.
When drafting the Consultation Document, the FIAU took into account the discussions it had with the Malta Asset Management Association and input received from the Malta Financial Services Authority, the Malta Business Registry, as well as its own internal sections.
Interested parties may submit their feedback via email on [email protected] by no later than 31 December 2023. Representative bodies are invited to collate their members’ feedback and submit it as a single submission.
The Consultation Document can be accessed here.