Financial Crime World

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FIAU Cracks Down on Money Laundering and Terrorist Financing: Supervisory Interventions to Ensure Compliance

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The Financial Intelligence Analysis Unit (FIAU) has launched a series of supervisory interventions aimed at ensuring compliance with anti-money laundering and combating the financing of terrorism (AML/CFT) obligations by subject persons.

On-Site and Off-Site Supervision

  • The FIAU will conduct both on-site and off-site supervisory interventions, depending on its risk analysis and aim to achieve proportionate supervision.
  • Prior to starting a supervisory intervention, assessors will request preliminary documentation and information from subject persons, which may include:
    • Customer lists
    • AML/CFT policies
    • Procedures

Collaboration and Feedback

  • Subject persons are expected to collaborate throughout the process by providing timely responses to requests for information and documentation.
  • The FIAU will notify subject persons about the scope of the supervisory intervention and establish a single point of contact.
  • Assessors may also need to speak with other employees as part of the process.

Outcomes of Supervisory Interventions

The outcome of a supervisory intervention can be one of three possible outcomes:

  • Closure letter: issued when no or minor AML/CFT shortcomings are identified
  • Remediation letter: requesting subject persons to implement a remedial action plan within a stipulated timeframe to address non-serious shortcomings
  • Potential breaches letter: issued in cases where serious shortcomings are identified, requiring subject persons to submit representations

Sector-Specific Supervision

The FIAU has outlined sector-specific supervision plans for various industries, including:

  • Credit and financial institutions
  • Remote gaming operators
  • Land-based casinos
  • Investments
  • Company service providers
  • Auditors
  • Accountants
  • Real estate
  • Notaries

Compliance Monitoring Plan

The FIAU’s compliance monitoring plan for the period July 2024 to June 2025 outlines its supervisory work in respect of different sectors. The plan includes a range of activities, including:

  • On-site and off-site supervision
  • Risk assessments
  • Feedback mechanisms

Contact Us

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