The Digital Operational Resilience Act (DORA), effective January 17, 2025, establishes a unified framework to enhance the digital resilience of the financial sector across the EU. It applies to various financial entities and ICT Third-Party Service Providers, including those outside the EU providing services within the region. Key Pillars of DORA: In Malta, DORA has […]
Navigating DORA: Ensuring Digital Resilience in Malta Read More »
Michael Calleja | Senior Compliance Services Executive This detailed guide from the Financial Intelligence Analysis Unit (FIAU) of Malta provides essential information for individuals and entities who are considered “subject persons” under anti-money laundering and counter-terrorism financing (AML/CFT) regulations. The document covers the key steps and platforms that new subject persons need to be aware
Comprehensive AML/CFT Guidance for New “Subject Persons” in Malta Read More »
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
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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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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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).
Navigating Compliance: Insights from the FIAU’s 2021/2022 Enforcement Factsheet Read More »
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.
Demystifying the New MFSA Circular: Key Changes and Compliance Strategies for CSPs Read More »
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.
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.
Staying Ahead of MFSA Sanctions: How Aspida Shields Businesses from Regulatory Pitfalls Read More »
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.
