June 2, 2021

Webinar on the Business Risk Assessment: Best Practices (RECORDING AVAILABLE)

2nd June 2021 In April 2021, the FIAU published a guidance paper entitled ‘‘The Business Risk Assessment’’, which highlights common findings derived from an analysis of a sample of Business Risk Assessments submitted by subject persons across all regulated sectors. It also includes good practices which should be adopted by subject persons. To complement this […]

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May 20, 2021

Amendments to Sections 4.3.2.4 and 4.3.2.5 of the Implementing Procedures Part I

20th May 2021 The Financial Intelligence Analysis Unit (FIAU) has today issuing a revised version of its Implementing Procedures – Part I, which version incorporates changes to Section 4.3.2.4 and Section 4.3.2.5 thereof. These sections set out the identification and verification of identity requirements that subject persons are to meet when their customer happens to […]

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May 4, 2021

Publication of 2020 FIAU Annual Report

The FIAU has published its Annual Report for 2020. In his welcome note Director Kenneth Farrugia said that 2020 was a particularly challenging year, given the Covid-19 pandemic and the challenges it brought with it. Yet, 2020 was hailed as a successful year. In the words of the Director: “Despite the pandemic, 2020 was a […]

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May 4, 2021

New Publication: Enforcement Factsheet

4th May 2021 The overhaul of the FIAU’s AML/CFT Supervisory Strategy has led to a significant increase in the FIAU’s supervisory coverage, and has also resulted in more meaningful enforcement action, including heftier pecuniary sanctions and the imposition of numerous remediation directives. These initiatives, coupled with more regular and qualitative guidance, as well as increased […]

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April 9, 2021

The Business Risk Assessment

9th April 2021 The carrying out of a business risk assessment (BRA) is an obligation that came into force as from 1st January 2018 and stems from Regulation 5(1) of the Prevention of Money Laundering and Funding of Terrorism Regulations and Section 3.3 of the FIAU Implementing Procedures Part I. The FIAU has drawn up […]

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April 9, 2021

FATF & EBA: Documents for Consultation

9th April 2021 From time to time, European and international bodies active in Anti-Money Laundering and Countering the Funding of Terrorism (AML/CFT) undertake initiatives that may be of interest to subject persons and to other interested parties, including the issue of documents and/or conduct consultation processes.  Given that any such initiative may eventually influence how […]

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March 25, 2021

Monitoring Orders & Directives with reference to GoAML

12th March 2021 Article 30C of the Prevention of Money Laundering and Funding of Terrorism Act, provides that the FIAU may require subject person(s) to monitor transactions or banking operations. Whereas Article 30D allows the FIAU to issue directives in writing, whereby the Unit requires subject persons to refrain from doing any acts. As a […]

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March 22, 2021

Malta Financial Services Oversight newsletter – February 2021

22/03/2021 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

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