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AML Guidelines in Malta: FIAU Issues Revised Implementing Procedures

The Financial Intelligence Analysis Unit (FIAU) has issued revised implementing procedures to help financial service providers and professionals comply with anti-money laundering and combating the financing of terrorism (AML/CFT) obligations. The updated guidelines come into effect following the implementation of the 4th Anti-Money Laundering Directive (AMLD IV) in 2017.

Key Changes in the Revised Implementing Procedures

Virtual Financial Assets

  • The FIAU has included virtual financial assets within its remit, requiring obliged entities to implement customer due diligence (CDD) and transaction monitoring.

Prepaid Cards

  • Obliged entities are now required to conduct CDD on prepaid card holders and maintain records of transactions.

Virtual Currency Platforms

  • Virtual currency platforms and wallet providers are classified as obliged entities, subject to AML/CFT obligations.

Other Changes

Money Laundering Reporting Officer (MLRO)

  • The MLRO no longer needs to be physically located in Malta, but must have access to the company’s records and systems.

Outsourcing

  • The FIAU has clarified outsourcing arrangements, outlining the responsibilities of both the subject person and outsourced service provider.

Beneficial Ownership Register

  • The register will now include trusts and similar arrangements.

Deloitte’s Expertise

As a leading professional services firm, Deloitte offers comprehensive advisory services covering all aspects of AML compliance. Our experts provide tailored solutions to help financial institutions navigate the complexities of AML/CFT regulations.

Contact

Contact: Ian Coppini, Risk Advisory Business Leader

Email: ian.coppini@deloitte.com Phone: +356 2132 2000

Deloitte Malta is a leading provider of audit, tax, consulting and financial advisory services. We help clients make informed decisions about their businesses, leveraging our expertise in areas such as AML compliance, risk management, and regulatory affairs.

How Can Deloitte Help?

Our services include:

  • Training to management and board members
  • Regulatory framework and gap analysis
  • Assessment of AML/CFT oversight model and AML function audit
  • AML/CFT business risk assessment or customer risk assessment support
  • Customer due diligence support

Get in touch with us today to learn more about our AML compliance services.