Publication of Implementing Procedures by Financial Intelligence Analysis Unit (FIAU)

Implementing Procedures issued pursuant to the provisions of the Prevention of Money Laundering and Funding of Terrorism Regulations 2008 (Legal Notice 180 of 2008) by the FIAU came into force on Friday the 20th May 2011.

The Implementing Procedures are binding on all subject persons, as defined in the Regulations, including those entities authorised to carry on the business of banking, insurance (including re-insurance and affiliated insurance) and investment services by the MFSA, amongst others.

The Procedures are intended to outline obligations of subject persons in terms of the Regulations but also to provide guidance on identification and verification in different scenarios, record keeping, and so forth.

It is relevant to note that the FIAU has granted a transitory period ending on 30th September 2011 in order to enable subject persons to bring in-house procedures in line with the Implementing Procedures.

Should you wish to obtain further information on the subject, please contact us