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Malta

AML/CTF Supervisors in Malta

01

Financial Intelligence Analysis Unit (FIAU)

The Financial Intelligence Analysis Unit (FIAU) is Malta's national central agency charged with collecting, collating, processing, analysing, and disseminating information in order to combat money laundering and terrorist financing.

The FIAU is a unit within the Ministry of Finance that has its own judicial personality and operates independently from its own offices with its own staff.

The responsibilities for the Unit's governance are shared by the Board of Governors and the Director who is supported by permanent staff who work in seven different sections: Intelligence Analysis, Supervision and Enforcement, Legal Affairs, Corporate Services and People Performance and Culture, Police and Quality Assurance, Technology and Information Security, and Technology and Information Security.

How to comply with AML/CTF regulations in Malta

Malta

Designated services are required to develop and implement a compliance program

In order to comply with Malta regulations, the designated services compliance program must include the following, as minimum:

  • The creation of written policies and procedures that will serve as a guide when it comes to anti-financial crime, anti-money laundering and counter-terrorist financing prevention
  • The appointment of a compliance officer
  • Providing compliance training and education
  • Creating an escalation procedure for reporting compliance violations
  • Exercising inspection and auditing:
    - Internal audits
    - Compliance assurance
    - Peer to Peer checks
  • Running independent external audits.
Compliance

Malta AML/CTF reporting obligations

Method for designated services to communicate suspicions

  • Registration: the platform GoAML is used to escalate a suspicion to the FIAU
  • Type of Report the suspicion report has to be selected from the following categories on the GoAML platform:
    1) STR - Suspicious Transaction Report
    2) SAR - Suspicious Activity Report
    3) TFR - Terrorism Financing Report
    4) PEPR - Politically Exposed Person Report
  • Submission reports can be saved and submitted after all of the information and documentation have been included. The reporting entity will receive feedback on the submission's success once done. In case of rejection, the reporting entity must correct the information and resubmit the report according to the rejection message. Following this step, additional feedback will be communicated by the FIAU accordingly. Generally, the feedback is populated after performing the role of the Intelligence Analysis.
  • Intelligence Analysis: the Intelligence section's role is to collect, process, and analyse information obtained from a variety of domestic and international sources. The receipt of reports related to suspicious transactions or activity filed by subject persons is the primary source of this information. The Intelligence Analysis Section is divided into three sub-sections to carry out its analytical function, as shown below:
    1) Processing & Prioritisation
    2) Operations
    3) Strategic Analysis & International Co-operation.