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Financial Crime News

FIAU issued revised Implementing Procedures ... Do your AML procedures need updating?

October 2021

In March 2021, the FIAU issued a Consultation Document setting out proposals for several changes to the Implementing Procedures Part I (“IPs”). After taking feedback received into consideration, on 18 October 2021, the FIAU issued a revised version of the IPs.
Is your AML/CFT framework up to scratch? Here's how to make sure...
Is your AML/CFT framework up to scratch? Here's how to make sure...

Is your AML/CFT framework up to scratch? Here's how to make sure... 

October 2021

Money laundering and the financing of terrorism are currently under the spotlight with subject persons, now more than ever, experiencing increased scrutiny in ensuring that their AML/CFT framework is up to standard. It is no longer sufficient to have policies and procedures in place, but assurance that agreed upon controls are stringently implemented and that these are effective in managing identified risks.

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EBA Consultation Paper on draft Guidelines

A chance to make yourself heard!

The European Banking Authority (the “EBA”) is in the process of issuing Guidelines on policies and procedures relating to compliance management and the role and responsibilities of the AML/CFT Compliance Officer within the financial sector, which include banks, insurance companies and credit institutions.
EBA Consultation Paper on draft Guidelines
anti money laundering pwc malta

Environmental crimes within the Anti Money Laundering Sphere

August 2021

With global environmental crimes generating around $110 to $281 billion in criminal gains per year, the FATF is raising the alarm on the issue. Through a FAFT report published in July 2021 and titled Money Laundering from Environmental Crime, the FATF is aiming to increase global awareness and encouraging collaboration between environmental agencies, relevant financial investigators and intelligence agencies. This includes the establishment of communication channels between AML/CFT authorities.

New requirements for Subject Persons when assessing risk

August 2021

In October 2020, the FATF revised Recommendation 1 and its Interpretive Note (R.1 and INR.1) to require countries and Subject Persons to identify, assess, understand and mitigate their proliferation financing risks.

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anti money laundering pwc malta

Highlights of the 6th Anti Money Laundering Directive (6AMLD)

May 2021

The European Union has been making significant efforts to combat the laundering of money and terrorist financing within its Member States. Shortly after issuing the 5th Anti Money Laundering Directive (5AMLD), on the 23 October 2018 the EU further reinforced its mission by issuing the 6th Anti Money Laundering Directive (6AMLD). With the implementation deadline (3 June 2021) now on our doorstep, are Subject Persons prepared to handle what lies ahead?

Amendments to the Prevention of Money Laundering and Funding of Terrorism Regulations (PMLFTRs)

June 2020

The FIAU has issued a notice informing subject persons of a series of amendments to the PMLFTRs. These changes came into force on the 22 May 2020 with the issue of the Legal Notice 214 of 2020. Revisions were made to regulations 8,11, 12, 15 and 21 of the PMLFTRs. Regulations 15 and 21 had significant changes. 


FIAU Risk Evaluation Questionnaire (REQ)

April 2020

Subject persons operating between 1 January and 31 December 2019 must submit the REQ to the FIAU. The REQ is part of an information collection exercise carried out by the FIAU, in order to be able to risk assess operations of said Subject Persons and be able to adopt a risk based approach to supervision.  Submission of this return is mandatory and failure to submit, or a late submission can lead to potential breaches which can result in sanctions. 

The 2020 REQs are available on the CASPAR System, for completion by Subject Persons. The FIAU had previously noted that the deadline for the submission of the REQ was 1 April 2020, with a penalty of €100 for submissions made after this date. However, given the current situation and difficulties local entities are facing due to the COVID-19 outbreak, the late submission penalty of €100 shall no longer apply. 

Additionally, there shall not be a ‘late submission’ period, and the only deadline for the submission of the REQ shall, for the time being and unless further extended by the FIAU, be set for 4 May 2020 at 17:00hrs. Subject Persons who submit their REQ after the 4th May deadline may be subject to administrative penalties.

How can we help you?

Provision of incomplete or contradictory information can adversely impact the outcome of the risk assessment, as such, particular care and attention should be paid to avoid unnecessary repercussions.

PwC can assist you by carrying out a quality review of your REQ prior to submission to ensure information provided is consistent.

Feel free to reach out to us on the following contacts.

Business Risk Assessment

February 2020

The BRA lies at the heart of the risk-based approach underpinning current AML/CFT regulatory frameworks and is a regulatory obligation that has been drawing increased scrutiny by supervisory authorities.

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2018 Global Economic Crime and Fraud Survey


Contact us

Lucienne Pace Ross

Lucienne Pace Ross

Assurance Partner, PwC Malta

Tel: +356 2564 7293

Mirko Rapa

Mirko Rapa

Tax Partner, PwC Malta

Tel: +356 2564 6896

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