Insight Malta

FATF publishes new guidance document

Michael Calleja | Senior Compliance Services Executive | Malta In March 2024, the FATF published risk-based guidance to support the application of FATF Recommendation 25 on Beneficial Ownership and Transparency of Legal Arrangements. The document highlights the necessity for countries to assess risks associated with legal arrangements and enforce measures to ensure access to accurate […]

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Mastering Compliance: Navigating Risks & Regulatory Returns with Aspida’s Expertise

Michael Calleja | Senior Compliance Services Executive | Malta As we find ourselves in that pivotal time of year where subject persons traditionally undertake the important task of updating their Business Risk Assessments (BRAs), Customer Risk Assessments (CRAs), and preparing to fill in the Risk Evaluation Questionnaire (REQ) for the Financial Intelligence Analysis Unit (FIAU)

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The Intricacies of Sanctions: A Legal Perspective

Michael Calleja | Senior Compliance Services Executive | Malta Introduction Sanctions serve as a pivotal instrument in the international legal arsenal, utilized by nations and international coalitions to enforce legal standards, safeguard national interests, and promote global security. These measures, ranging from economic embargoes to travel restrictions, aim to compel compliance with international norms, deter

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Navigating Compliance: Insights from the FIAU’s 2021/2022 Enforcement Factsheet

On the 15th of January 2024, the Financial Intelligence Analysis Unit (FIAU) released a pivotal document titled ‘Enforcement Factsheet: A Compilation of Regulatory Actions – 2021/2022’. This publication, available on the FIAU’s website, serves as a comprehensive guide to the enforcement process undertaken by the FIAU in monitoring compliance with Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) obligations by Subject Persons (SPs).

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Demystifying the New MFSA Circular: Key Changes and Compliance Strategies for CSPs

The Malta Financial Services Authority (MFSA), in its continuous endeavour to refine and enhance the regulatory environment, issued a Circular on the 23rd of January 2024. This Circular marks a significant shift in the regulatory framework for Company Service Providers (CSPs), introducing essential changes to the CSP Rulebook with immediate effect.

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Integrating DORA Compliance with Resolver by Aspida: A Strategic Approach for Financial Practitioners

In an era where digital operational resilience is non-negotiable, the European Union’s Digital Operational Resilience Act (DORA) sets a new standard for license holders. This framework is a legislative initiative by the European Union designed to strengthen the digital operational resilience of its financial sector, ensuring that financial institutions can withstand, respond to, and recover from ICT-related disruptions. It sets uniform standards for cybersecurity, risk management, and reporting across all member states, creating a harmonized framework for the digital infrastructure of financial entities.

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Staying Ahead of MFSA Sanctions: How Aspida Shields Businesses from Regulatory Pitfalls

On Thursday the 12th of October 2023, the MFSA updated two public documents in relation to its enforcement procedures, namely: Section 3.3. of the Guidance Note on the Methodology to set Administrative Penalties relating to Non-Material Breaches and Annex 1 of the Publication Policy for Administrative Measures & Penalties.

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The Rising Tide of Regulatory Enforcement: Why You Should Choose Aspida Compliance Solutions

The MFSA stands firm in upholding financial industry standards with stringent enforcement. Aspida’s “Resolver” optimises compliance processes, centralising data for assured regulatory conformity. Traverse Malta’s regulatory framework with confidence under Aspida’s expertise.

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Publication of revised FIAU Guidance Note on Source of Wealth information related to parties other than the Customer

The FIAU recently updated its Guidance Note on Source of Wealth Information (July, 2022), aligning with Regulation 7(1)(c) of the PMLFTR. Essential for clients and practitioners, it tailors to individual service insight and complements FIAU’s main implementing procedures.

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