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The Financial Intelligence Analysis Unit (FIAU) has published a new newsletter detailing their supervisory plans for the upcoming cycle. This newsletter provides valuable insights into the supervisory activities and priorities the FIAU has set for 2024 – 2025.
WHY DOES THE FIAU UNDERTAKE AML/CFT SUPERVISION?
Products and services offered by subject persons can be attractive to criminals, who may misuse them to launder money obtained from illicit sources or to finance terrorism. For this reason, subject persons play a fundamental role in preventing the entry of illicitly obtained money into the financial system. As gatekeepers of the financial system, it is important that subject persons understand the money laundering/funding of terrorism (ML/FT) risks that their business may be exposed to, and which measures should be implemented to build a robust anti-money laundering/combating the funding of terrorism (AML/CFT) control framework to mitigate the identified risks. As the sole AML/CFT regulator in Malta, the Financial Intelligence Analysis Unit (FIAU) is committed to support subject persons in the understanding and implementation of their AML/CFT obligations, and to monitor their compliance with these obligations.
THE COMPLIANCE MONITORING PLAN
The FIAU fulfills its AML/CFT compliance monitoring duties through its Supervision Section. In its 2023-2026 strategy, the FIAU pledged to enhance this function by creating a dynamic monitoring plan that targets risks identified in sectorial and subject persons’ risk assessments. The goal is to implement a risk-based compliance monitoring plan that is proportionate, effective and consistent.
To develop this plan, the FIAU reviewed Maltese national and sectorial risk assessments, analyzed risk assessments from other international bodies, and examined subject persons’ risk assessments using the CASPAR system. This led to the creation of a five-year compliance monitoring plan, commencing in July 2024. The plan aims to effectively address ML/FT risks with proportionate supervisory actions. Additionally, the FIAU is working to align its guidance and outreach efforts with the areas highlighted in the plan. The objective is not only to enforce compliance but also to foster a stronger compliance culture and enhance knowledge among subject persons.
For a detailed overview of the FIAU’s supervisory agenda, please refer to the document linked below. Stay informed and ensure your compliance strategies are aligned!
2024-2025_SupervisoryPlan_.pdf (fiaumalta.org)
