Financial Crime World

FIAU Launches Supervisory Intervention Process for AML/CFT Compliance

The Financial Intelligence Analysis Unit (FIAU) has announced its plans to conduct a series of supervisory interventions aimed at ensuring compliance with Anti-Money Laundering and Combating Financing of Terrorism (AML/CFT) regulations.

Prior to Intervention

Before conducting any supervisory intervention, assessors will request subject persons to provide preliminary documentation and information related to their AML/CFT obligations. This may include:

  • Customer lists
  • AML/CFT policies and procedures
  • Additional information and/or documentation requested during the intervention process

Cooperation Expected

Subject persons are expected to cooperate fully with the FIAU throughout the process, including:

  • Providing timely responses to requests for information and documentation
  • Demonstrating compliance with their AML/CFT obligations

Failure to do so may result in enforcement action.

Outcomes of Supervisory Intervention

The outcome of a supervisory intervention will depend on various factors, including:

  • The overall regard to AML/CFT obligations exhibited by the subject person
  • Whether serious breaches of AML/CFT obligations have been identified

The FIAU has outlined three possible outcomes:

Closure Letter

  • No/minor AML/CFT shortcomings are identified
  • A closure letter will be issued

Remediation Letter

  • Implementation of a remedial action plan within a stipulated timeframe is requested
  • The subject person must demonstrate compliance with their AML/CFT obligations

Potential Breaches Letter

  • Serious shortcomings in AML/CFT obligations are identified
  • Representations are required, and potentially leading to enforcement action

Sectors Impacted

The FIAU plans to conduct supervisory interventions across various sectors, including:

  • Credit and financial institutions
  • Remote gaming operators
  • Real estate and notaries
  • Company service providers
  • Auditors
  • Accountants
  • All sectors

AML/CFT Compliance Monitoring Plan

The agency has outlined its AML/CFT Compliance Monitoring Plan for the period July 2024 to June 2025, which details its supervisory work planned during the annual supervisory cycle.

Contact Information

Subject persons are encouraged to contact the FIAU’s Supervision Section at compliance@fiaumalta.org with any queries regarding the supervisory process.