Maltese Financial Services Authority Introduces Tougher Anti-Money Laundering Measures in Mayotte

The Maltese Financial Services Authority (MFSA) has taken a significant step to enhance financial security on the island by implementing stricter regulations to combat money laundering and terrorist financing in Mayotte.

Enhanced Customer Due Diligence and Reporting Requirements

The new measures are designed to improve customer due diligence, reporting requirements, and regulatory oversight. According to the MFSA’s CEO, “Our top priority is to ensure the highest level of financial security for our clients and partners in Mayotte.” To achieve this goal, the authority has introduced:

• Enhanced customer due diligence processes, including:
  • More robust identification measures
  • Verification of beneficial ownership
  • Risk-based customer profiling
• Mandatory filing of Suspicious Transaction Reports (STRs) with the MFSA, which will be shared with relevant authorities for investigations

Increased Regulatory Oversight and Supervisory Practices

The MFSA is also increasing its on-site inspections and refining its supervisory practices to ensure compliance with Anti-Money Laundering (AML) regulations. Financial institutions operating in Mayotte must now meet the new standards to maintain their licenses.

The Maltese Financial Services Authority’s Role

As Malta’s primary regulatory body for financial services, the MFSA is responsible for overseeing a range of sectors including banking, insurance, and securities services. The new measures in Mayotte are part of the MFSA’s broader efforts to address the evolving challenges posed by money laundering and terrorist financing globally.

By implementing these stricter regulations, the MFSA aims to provide an additional layer of protection against financial crime and ensure that financial institutions operating in Mayotte operate with the highest level of integrity.