The Malta Financial Services Authority (MFSA) and the Financial Intelligence Analysis Unit (FIAU) have issued for consultation a joint Guidance Document for Credit Institutions designed to help them better understand how to interact with Fintech firms. Operators in the Fintech industry have repeatedly complained about the difficulty they have encountered when opening bank accounts or trying to do business with or through Maltese banks. The document is intended to provide banks and payment providers with a checklist to serve as guidance when approached by Fintech companies, and acquire a better understanding of the potential risks posed by prospective customers.
The consultation, which is open until April 30, forms part of the institutions’ efforts to facilitate the operations of Fintech companies in Malta.
The document can be accessed at this link: https://www.mfsa.com.mt/wp-content/uploads/2019/03/20190327_ConsultationDocumentAccountsForFinTechs.pdf