The FIAU has issued a consultation paper on a set of new regulations titled the Centralised Bank Account Register Regulations, aimed at financial and credit institutions. The regulations will implement parts of the 5th AML Directive with respect to the requirement of having a centralised automated mechanisms allowing for the quick identification of persons having payment accounts and bank accounts identified by IBANs, or persons making use of safe custody services by credit institutions.
The main obligations emanating from the proposed regulations is for Financial and Credit Institutions to maintain an electronic record of all persons (legal or natural) who have a payment or bank account or use safe custody services and for such record to contain details on the beneficial owners and/or any authorised agents thereto, the IBAN number/s for such accounts and the length of time for which the account or safe custody service has been provided.
The above information will be sent to the FIAU who shall be obliged to establish and maintain a register containing the above electronic records of all customers of the Financial and Credit Institutions licenced or having a branch in Malta.
The consultation period on the proposed regulations closes on the 12th of June 2020.
Access the Consultation Document by visiting : https://bit.ly/2M4TQNK