MFSA AML/CFT Supervisory Role

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On 21st of December 2015, MFSA sent a notice to licence holders regarding the AML/CFT supervision work carried out by the MFSA on behalf of the FIAU.

Following news that the MFSA has set up an ad hoc AML/CFT Unit, the MFSA gave notice that, with effect from 2016, AML/CFT supervision will no longer be carried out by the individual MFSA supervisory Units but shall be carried out by the purposely set up AML/CFT Supervision Section within the Enforcement Unit of the MFSA.

This will apply to:

  • all persons carrying out relevant financial business;
  • persons providing trustee or any other fiduciary services;
  • company services providers; and
  • any other person licenced or otherwise authorised by the MFSA.

Of course, the powers of the FIAU remain.

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