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Financial Crime

FIAU issues FAQs in relation to requests of information

Ruth Esposito Ruth Esposito

The Financial Intelligence Analysis Unit ('FIAU') is responsible for gathering and analysing data pertaining to financial crime such as money laundering and financing of terrorism. The aim of such a process is for the FIAU to have a better understanding of the financial crime risk in Malta as well as to aid in the prosecution of money launderers and financers of terrorism.

One of the tools used by the FIAU is to request information from subject persons in relation to specific organisations, individuals and transactions. In fact, Regulation 15(8) of the Prevention of Money Laundering and Funding of Terrorism Regulations (S.L. 373.01) obliges subject persons to provide the information within 5 working days, unless otherwise stipulated by the FIAU.

In order to emphasise the importance of this obligation, on 15 March 2023, the FIAU published a FAQ outlining the most important aspects that a subject person should keep in mind when receiving a request for information. The FAQ can be accessed through this link - FAQs Requests For Information - FIAU Malta

Grant Thornton may assist subject persons with the following services:

    • Assisting in the design of AML/CFT policies and procedures 
    • Reviewing of the AML/CFT business risk assessment
    • Drafting or reviewing AML/CFT jurisdictional risk assessment
    • Drafting or reviewing AML/CFT customer risk assessment
    • Undertaking AML/CFT compliance audit
    • Outsourced KYC procedures