(AML) MFSA AML AND CFT STRATEGY
In compliance with the EU’s Anti-Money Laundering Directive and the National AML and CFT Strategy, the MFSA has developed its own strategy to fulfil the AML and CFT obligations in terms of continuous supervision of the appropriate execution and stability in the financial sector and ensuring the emplacement of the comprehensive systems and controls within regulated firms.
The National AML and CFT Strategy has defined seven key initiatives to be completed by 2020:
I. Establish a national coordination mechanism
II. Strengthen and clarify the supervisory framework
III. Enhance internal capabilities of FIAU
IV. Enhance investigation and prosecution capabilities
V. Establish an effective asset recovery service
VI. Increase transparency of legal entities and arrangements
VIII. Build on the existing international cooperation setup
Accordingly, the MFSA strategy determines its AML and CFT responsibilities in terms of the National institutional framework, highlights the main supervisory principles within the context of the key initiatives of the National AML and CFT Strategy, provides the required AML and CFT arrangements and operations (authorisations, supervision and enforcement), and states the new principles for regulated companies (governance, risk assessment, due diligence, communication, training and awareness).
- Further, the MFSA commits to coordinate with international bodies;
To improve the protocols for cooperation with the FIAU, MDIA and other authorized entities;
- To modernize the regulatory approach for the cryptocurrency and blockchain industry, implementing the compliance technologies – “RegTech” and “SupTech” – for the prudential supervision.
The full version of the document issued by the MFSA can be downloaded on this link: MFSA AML AND CFT STRATEGY
For further details on this update, kindly contact:
Franco Falzon C.P.A, LL.M
T: +356 2010 7771
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