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Anti-Money Laundering (AML) Requirements in Malta

Malta has implemented robust anti-money laundering (AML) requirements to prevent, detect, and report suspicious financial transactions. This article summarizes the key points related to AML requirements in Malta.

Scope of AML Requirements

Financial Institutions and Designated Non-Financial Businesses and Professions

All financial institutions and designated non-financial businesses and professions (SPs) are subject to AML/CFT requirements in Malta. SPs include:

Credit institutions
Financial institutions
Payment service providers
Money brokers
Auditors
External accountants and tax advisors
Legal professionals and notaries
Trust and company service providers
Nominee and fiduciary companies
Casino and gaming licensees
Persons trading in goods where payments are in cash in an amount equal to EUR 10,000 or more
Free ports

Customer Identification and Due Diligence

SPs must identify and verify customers, including beneficial owners. Customer due diligence (CDD) measures include:

Understanding the Ownership and Control Structure

Understanding the ownership and control structure of the customer.

Obtaining Sufficient Information

Obtaining sufficient information to understand the purpose and intended nature of the business relationship.

Ongoing Monitoring

Ongoing monitoring, including transaction monitoring.

In cases of corporate or other legal arrangements, CDD measures are also required to ascertain the legal status of the customer.

Record Keeping and Reporting

SPs must maintain records of all transactions, including large currency transactions. A reporting obligation to the Financial Intelligence Analysis Unit (FIAU) arises only where:

The SP is not satisfied with the explanations provided by a customer.
Explanations do not make legal, business or economic sense.
There are doubts on the veracity of the information and/or documentation gathered.

Cross-Border Transactions Reporting

There are no specific cross-border reporting requirements for SPs under the local AML/CFT regime.

VFA service providers authorized in terms of the Virtual Financial Assets Act (VFAA) are subject to AML/CFT obligations. Issuers of VFAs when the offer is made to the public in or from Malta in terms of the VFAA, and VFA agents registered under the VFAA are also subject to these obligations.

Non-Fungible Tokens (NFTs)

Whether an NFT is subject to AML requirements would need to be determined on a case-by-case basis. The determination would be based on the characteristics of the NFT, and if it falls within the definition of a VFA as defined in the VFAA, the NFT would be subject to these obligations.

Independent Audit Function

SPs are required to implement an independent audit function to test their internal measures, policies, controls, and procedures.

Please note that this summary is based on the provided text and may not be a comprehensive or up-to-date representation of all AML requirements in Malta. It’s always best to consult with relevant authorities and experts for the most accurate and current information.