The FIAU Malta would like to inform Subject Persons (SPs) of the recent publication entitled “Corrective Actions Paper”.
Through this paper the Unit aims to expand on the administrative measures imposed by the FIAU that are aimed at ensuring the necessary corrective actions are taken. This paper also provides an explanation of the different types of Directives which may be imposed and the enforcement process behind the FIAU’s monitoring SPs adherence to the said Directives. Statistics covering several aspects of Directives (inc. meetings held, type of AML/CFT matters discussed and Directives outcomes), notable good practices, areas which require improvement and key takeaways are also covered within this paper.
This paper is to be read in conjunction with other guidance notes and papers which were issued by the FIAU in previous years, including the Enforcement Factsheet issued in January 2024 which shall serve as a foundation for this paper given that the corrective actions process is a continuation of the process covered in the previously published Factsheet.
To download and read the Corrective Actions Paper, click here.