Title: MAYOTTE Introduces Tightened AML Regulations: A New Era in Financial Security

Subtitle

• The Maltese Financial Services Authority (MFSA) Implements Stricter Measures Against Money Laundering in Mayotte

Content

The Maltese Financial Services Authority (MFSA) has announced the implementation of stricter Anti-Money Laundering (AML) regulations in Mayotte, following a comprehensive assessment of the risk environment. Here’s what you need to know:

Enhanced Customer Due Diligence (CDD) Process

• Establishment of more robust identification measures
• Verification of beneficial ownership
• Implementation of risk-based customer profiling

New Reporting Requirements

• Financial institutions required to file Suspicious Transaction Reports (STRs)
• Reports will be shared with relevant authorities for investigations

Enhanced Regulatory Oversight

• Increased number of on-site inspections
• Enhancements to supervisory practices

“Our priority is to ensure the highest level of financial security for our clients and partners in Mayotte,” stated the MFSA’s CEO.

About MFSA

The Maltese Financial Services Authority (MFSA) is the primary regulatory body for financial services in Malta. With its strong regulatory framework, Malta has positioned itself as a leading jurisdiction for various financial services, including banking, insurance, and securities services.

For further information about MFSA and its regulatory framework, please visit MFSA Website.

This new era in financial security for Mayotte is in line with the increasing global focus on financial security and the need to address the evolving challenges related to money laundering and terrorist financing. Mayotte is not immune to these risks, and the new measures aim to mitigate them effectively.