On the 5th August 2022, the Malta Financial Services Authority (MFSA) promulgated the Corporate Governance Code (the ‘Code’) which shall widely apply to all MFSA authorised entities in order to ensure the transparent, equitable, efficient and effective operation thereof.
FIAU: Guidance Note on the Money Laundering Reporting Officer
The Financial Intelligence Analysis Unit (FIAU) has recently published a guidance note on the role of the Money Laundering Reporting Officer (MLRO). This guidance note covers a number of areas which address common issues and queries that arise in relation to this role.
The Proposed Settlement Procedure under the MFSA Act
The Malta Financial Services Authority Act (the “MFSA Act”) presently endows the Malta Financial Services Authority (the “MFSA” or the “Authority”) with the discretionary power to investigate alleged infringements of financial services laws and regulations governing licence holders and persons authorised by it or falling within the Authority’s remit.
FIAU: Intelligence factsheet- The misuse of corporate vehicles in Malta
The FIAU has recently published an intelligence factsheet extracted from the results of a strategic analysis carried out in relation to the misuse of companies, whereby at least one of the entities was Maltese.
The Malta Financial Services Authority published its annual report and financial statements for the year 2020. Among the highlights of the Authority’s performance in that year, the Report mentions the unprecedented enforcement and supervisory performance results achieved by the MFSA in 2020.
On 11 December 2020, The MFSA issued a guidance document to all licensed entities entitled ‘Guidance on Technology Arrangements, ICT and Security Risk Management, and Outsourcing Arrangements'. The Guidance covers the implementation of Technology Arrangements and ICT and emphasises the fact that technology has become a fundamental asset to the financial services industry, as a result of which Licence Holders are increasingly reliant on technology to perform business and operational functions
The FIAU has issued the timelines for the 2022 REQ. The questionnaire will be available on the Compliance and Supervision Platform for Assessing Risk (CASPAR) portal for completion by subject persons as from 1st March 2022.