Wait, don't go!

Sign up to our newsletter to be the first to know about new developments at Diligex!




    I consent to Diligex storing my personal data provided for the sole purpose of responding to my enquiry and administering my request.

    Call the incident response team of our strategic cybersecurity partner, Thomas Murray, on the emergency 24/7 UK line +44 (0) 2074594888, for immediate help from their experts.

    Earlier this month, the MFSA has published an update to its 2019 AML/ CFT Supervisory Strategy, where the improvements registered within the past two years are presented.

    The Authority introduced a dedicated Financial Crime Compliance function and a separate Due Diligence function to further enhance the measures adopted to combat financial crime. Both functions are involved in the Authority’s supervisory and authorisation processes, as well as influenced an AML/ CFT element in all prudential and conduct supervisory oversight. To further strengthened its efforts, the Authority has increased coordination with the FIAU to oversee the financial sector. In addition, the Authority has enhanced its internal training measures, where all employees are being exposed to extensive training, including mandatory AML/ CFT, Sanctions and ABC training sessions.

    To further enhance the Authority’s risk-based approach, a Risk function was also set up together with strengthening the current Enforcement function. Increased supervisory focus on fitness, propriety, competence, and personal liability of senior management lead the Authority to request a total of 45 MLRO substitutions between 2019 and 2020.

    Over and above, the Authority has updated the TUBOR with beneficial ownership of all trusts in Malta and revised the CSP regime to streamline the application of previously exempted service providers. The Authority has also seen an increase its outreach and awareness programmes.

    Follow the link to view the MFSA’s AML/ CFT Strategy document: https://www.mfsa.mt/wp-content/uploads/2021/06/MFSA-AML-CFT-Strategy-An-Update.pdf