Tuesday, April 16, 2024
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HomeEconomyAnti-money laundering: FIAU publishes guidelines for business assessment

Anti-money laundering: FIAU publishes guidelines for business assessment

The carrying out of a business risk assessment (BRA) is an obligation that came into force as from 1st January 2018 and stems from Regulation 5(1) of the Prevention of Money Laundering and Funding of Terrorism Regulations and Section 3.3 of the FIAU Implementing Procedures Part I.

The FIAU has drawn up an analytical document featuring Business Risk Assessments carried out across Maltese industries subject to anti money laundering supervision and the results thereof. This document also includes good practices which should be adopted by the subject persons.

Subject persons were required to submit BRAs within the framework of the 2020 Risk Evaluation Questionnaire submission and as part of AML/CFT compliance examinations carried out by FIAU, MGA and MFSA during the period 1st July 2019 to 30th June 2020, all of which are analysed in-depth within The Business Risk Assessment.

Gaming licensees who are considered as subject persons under the PMLFTR are urged by the MGA to avail themselves of the publication in order to assess whether they have a BRA that satisfies all legal requirements.

Such irregularities called for a clearer guideline that would tackle the issue of AML/CTF in a 360-degree manner.

Said controls will certify that the Subject Persons may protect their services, and ultimately, safeguard the Maltese economy from being abused for Money Laundering/ Funding of Terrorism purposes.

This news comes just after the initial proclamation of Malta passing the initial Moneyval test. Through issuance of these documents, Malta is showcasing its dedication to fight unjust methods of money use, awaiting the final verdict which is now in the hands of the FAFT.

DISCLAIMER

This article provides general information only and does not replace professional advice in any way. It is recommended to consult a qualified professional before making any important decisions regarding financial, legal or other matters. The author and the publication are not responsible for any errors or damages caused by the use of the information contained in this article.

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